Preliminary June consumer sentiment at 94.5 vs 97.1 expected

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A shopper loads a box onto a cart inside an IKEA AB store in Emeryville, California.

Consumers were much less optimistic than economists had expected in June, according to a preliminary reading.

The University of Michigan’s Consumer Sentiment Index dropped to 94.5 in June, well below economists’ expectations for a reading of 97.1 during the month, according to Thomson Reuters consensus estimates.