U.S. Economic Indicators

The University of Michigan Consumer Sentiment Index declined 2.1 points to 97.9 in the preliminary June reading and is down 0.3 point from last year. The Index of Consumer Expectations fell 4.9 points to 88.6, while the Current Economic Conditions Index rose 2.5 points to 112.5. University of Michigan

Retail sales rose 0.5% in May and are up 3.2% from a year ago. Core sales — which exclude autos, gasoline, building materials, and food services —  increased 0.5%. Census Bureau Report

Industrial production rose 0.4% in May (up 2.0% year-over-year) after falling 0.4% (revised) in April. Capacity utilization increased 0.2 point to 78.1 in May. Fed Report

Business inventories rose 0.5% in April and were up 5.3% from April of last year. Manufacturers’ sales declined 0.5% in April but were up 3.2% compared to a year ago. Census Bureau Report

U.S. News

The Wall Street Journal reports that the International Energy Agency announced a cooling global economy will likely slow growth in oil demand in 2019, despite burgeoning supply. The IEA emphasized that softening demand amid weakening economic sentiment is the market’s primary concern, echoing similar concerns expressed by OPEC and the U.S. Energy Information Administration. WSJ