San Francisco (CNN Business) Consumer sentiment slumped to a record low between May and June, according to preliminary survey data released by the University of Michigan on Friday. In May 1980, the sentiment reading hit 51.7, according toThe final reading for June will be published on June 24. Consumer sentiment levels have slumped in recent months amid persistent and nagging inflation as well as broader economic volatility caused by a lingering pandemic and Russia's invasion of Ukraine. US consumer sentiment has sunk to its lowest levels on record, according to preliminary data released Friday by the University of Michigan. "Consumer spending has long defied the fluctuations in consumer sentiment," said Greg McBride, Bankrate's chief financial analyst.

Source: CNN June 11, 2022 03:04 UTC