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- U.S. consumer sentiment index rises more than expected in early June
U.S. consumer sentiment index rises more than expected in early June
A report from the University of Michigan revealed on Friday the preliminary reading for the Reuters/Michigan index of consumer sentiment jumped 4.2 percent m-o-m to 86.4 in early June.
Economists had expected the index would increase to 84.0 this month from May’s final reading of 82.9.
According
to the report, the index of current U.S. economic conditions rose 1.3 percent
m-o-m to 90.6 in June from 89.4 in the previous month. Meanwhile, the index of
consumer expectations surged 6.3 percent m-o-m to 83.8 this month from 78.8 in May.
“Consumer
sentiment rose in early June, recouping two-thirds of May's loss,” noted
Surveys of Consumers chief economist, Richard Curtin. “Stronger growth in the
national economy was anticipated, with an all-time record number of consumers
anticipating a net decline in unemployment. Rising inflation remained a top
concern of consumers, although the expected rate of inflation declined in early
June.”
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