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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.”