(CNN) US consumer sentiment hit a new record low in June amid growing concerns about inflation, according to a closely followed University of Michigan survey released Friday. The final index reading of 50 in the monthly Surveys of Consumers was just below the preliminary reading of 50.2 released two weeks ago. "Consumers across income, age, education, geographic region, political affiliation, stockholding and homeownership status all posted large declines," said Joanna Hsu, Surveys of Consumers director, in a statement. Inflation remained the biggest concern for consumers, she noted, adding that 47% of consumers blamed the sharp increase in prices for eroding their living standards. "The speed and intensity at which these adjustments occur will be critical for the trajectory of the economy."

Source: CNN June 25, 2022 11:40 UTC