The University of Michigan's consumer sentiment index dropped to a new low of 50.2,
down from a high of 58.4 in May. The Wall Street Journal polled economists, who
predicted a June reading of 59. According to the university, the current level is equivalent to the low
point achieved during the 1980 recession. In June, Americans' predictions for total inflation over the next year increased to 5.4
percent from 3.3 percent in May, while forecasts for inflation over the next five years increased to 3.3
percent from 3 percent in May. According to Kathy Jones,
a strategist with Charles Schwab, this is the highest level since 2008.