Inflation is consistently understated.
This is sanity entering the American psyche.
Consumer sentiment sinks to 10-month low
June index fell more-than-expected 83.7 on higher gasoline prices.
June 15 2007: 11:05 AM EDT
NEW YORK (Reuters) -- U.S. consumer sentiment dropped unexpectedly sharply in June to its weakest in 10 months, as high gasoline prices dampened consumers' mood.
The Reuters/University of Michigan Surveys of Consumers said the preliminary reading on the June consumer sentiment index showed a decline to 83.7 from 88.3 at the end of May.
The decline was much sharper than predicted by economists, who had forecast a median reading of 88.0 in a Reuters poll.
The decline was "hardly surprising," the survey said, however, noting that U.S. gasoline prices have topped $3 per gallon for six straight weeks.
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