01:50 PM EDT, 06/14/2024 (MT Newswires) -- The preliminary Michigan Sentiment index fell to 65.6 in June from 69.1 in May, below expectations for an increase to a reading of 72.0 due to continued concerns about inflation.

Consumers' assessment of current conditions and the near-term outlook both declined.

Michigan said that inflation expectations remained steady at 3.3% in the one-year time frame and rose to 3.1% from 3.0% for the five-year period.

Import prices fell by 0.4% in May, in line with other inflation data released this week. Import prices were still down 0.3% excluding a 2% drop in fuel prices. Petroleum prices were down 1.7%.

Export prices fell by 0.6% in May and were down 0.8% excluding a 0.5% gain in agricultural prices.

The St. Louis Fed's GDP nowcast estimate for Q2 is for a 0.94% gain, down from 1.26% in the previous estimate.