According to Thomson Reuters and the University of Michigan a reading on consumer sentiment measured in at 81.2 in June, below economists’ estimates of 83. The measurement was also lower than a final reading in May of 81.9.
The latest June consumer sentiment report is a drop from the unexpected and contested rise in the month of April to 82.6, which was the highest level since July and up from 80 in the prior month.
Consumer spending represents roughly two-thirds of the U.S. economy, or gross domestic product, which has been sputtering and contracting. GDP growth for the 1Q of 2014 was nonexistent, contracting by a full 1 percent. Consumer spending shifting from essentials and luxury goods to energy and health care spending. The trade gap also shaved off a significant percentage of GDP, which is showing no sign improvement.
Yesterday, a report released by the Commerce Department showed both import and export prices rising more than economists had forecast.
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