Another month, another outsized revision on America’s marquee gauge of consumer sentiment.

The final read on the University of Michigan’s gauge for June was 68.2, up from 65.6 in the preliminary reading.

That’s a sizable shift, and it’s notable to the extent these revisions are now routine.

The average revision (absolute value) is 2.12 over the past five months. That figure for April of 2020 through January of 2024 was 0.82.

Make of that what you will. I suppose it’s just more evidence to support the contention that the data’s becoming more erratic. Or less reliable. Both.

Survey director Joanne Hsu painted a familiar picture: Americans do believe inflation’s likely to settle, but that’s small comfort in the face of high prices.

“While consumers exhibited confidence that inflation will continue to moderate, many expressed concerns about the effect of high prices and weakening incomes on their personal finances,” she said Friday.

The figure above illustrates the point. Inflation may be “gone” (which is to say receding to “healthy” levels), but high prices aren’t going anywhere. And consumers know it.

Year-ahead inflation expectations were marked down to 3% from 3.3%. 3%’s the very high-end of the pre-pandemic range. Longer run expectations likewise printed 3%. Again.

Americans’ concerns around high prices “offset improvements in the short- and long-run outlook for business conditions,” Hsu went on.

Long story short, and notwithstanding the sharp upward revision to the headline sentiment gauge, Americans remain vexed by high prices. That’ll remain the case for the foreseeable future. Certainly through November 5.