Consumer sentiment rose slightly in June, reaching a nine-month high -- but shoppers' don't see much hope for the remainder of the year.
The consumer sentiment index rose to 69 in mid-June from 68.7 in May, still below September 2008 levels, when the economy took a turn for the worst. Economists were predicting a result of 69.5 in the month.
And while consumers' views on current conditions rose in June to 74.5 from 67.7 in May, their future outlook is not so peachy. Expectations for the next 12-months fell to 61 in June from 75 in May.
That last bit of news runs contrary to the conventional belief that consumers are expecting a turn for the better. More job losses and higher gas prices this week have apparently added to worries -- and damaged expectations.
The gauges of inflation expectations rose 3.1%, its highest level since October 2008, while the five-year inflation outlook rose to 3.1% in June from May's 2.9%.
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