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US consumer sentiment declines in early June

US consumer sentiment declines in early June

Mubasher: Provisional estimates by the University of Michigan suggested that the US consumer confidence declined in the first half of June, reversing the improvement seen in May, due to trade levies and slower employment growth.

The consumer sentiment index dipped to 97.9 points in early June, compared with 100 in May, a survey report by Michigan University showed on Friday.

Expectation index dropped by 5.2% to 88.6 points in early June from the preceding month, but the index recorded a 2.7% year-on-year rise.

However, assessment of current economic conditions improved, with the gauge rising to 112.5 points month-on-month in June, but it dropped by 3.4% from the reading for the same month last year.

By 2:01 pm GMT, the US dollar index rose by 0.29% to 97.29.