UoM: Modest early June drop of 2.6 points in the Sentiment Index masks a much larger decline since June 8th

"The modest early June drop of 2.6 points in the Sentiment Index masks a much larger decline since June 8th," Surveys of Consumers chief economist, Richard Curtin said on Thursday.

Key quotes:

• Prior to that date, the Sentiment Index had averaged 97.7, but since June 8th, the Index fell to 86.7, a decline of 11.0 points.
• While this break corresponds with James Comey's testimony, only a few consumers spontaneously referred to him or his testimony when asked to explain their views. 
• Fortunately, a strong job market, improved household income and wealth have provided a financial buffer against rising uncertainties. 
• Nonetheless, consumers have become less optimistic about the future course of the domestic economy. Even with the expected bounce back in spending in the current quarter, personal consumption is expected to advance by 2.3% for all of 2017.