The University of Michigan’s gauge of consumer sentiment fell sharply to a record-low reading of 50.2, down from a May reading of 58.4, MarketWatch.com reported. The level is comparable to the low point reached in the middle of the 1980 recession, the university said. Americans’ expectations for overall inflation over the next year rose to 5.4% in June from 3.3% in May, while expectations for inflation over the next five years jumped to 3.3% from 3% in the prior month. That’s the highest level since 2008, according to Kathy Jones, a strategist at Charles Schwab.
