New York – U.S. consumers' confidence about their personal finances and the wider economy declined in June by more than originally estimated, survey results released Friday show.
The Thomson Reuters/University of Michigan consumer sentiment index ended June at 71.5, down from a mid-month estimate of 71.8.
May's reading was 74.3, the highest in three months, thanks to an easing of food and fuel prices. The confidence level stood at 76 in June 2010.
The dip in consumer sentiment last month can be attributed to renewed concerns about the prospects for the U.S. economy, according to Thomson Reuters/UM.
At the same time, the sub-index measuring respondents' view of current economic conditions climbed slightly, from 81.9 to 82, as energy and food prices continued to moderate.
The survey's gauge of expectations for the future of the economy dropped from 69.5 in May to 64.8 in June.
"Resurgent spending is not on the horizon, nor is widespread retrenchment," survey director Richard Curtin said in a statement. "Importantly, the consumer no longer has the financial wherewithal to power the economy into overdrive."