US consumer sentiment increased in June, climbing to its highest level in four months, according to the University of Michigan’s consumer survey preliminary results released Friday.
The index of consumer sentiment jumped 4.7 percentage points to 63.9 in June, from 59.2 in May, according to the preliminary results.
The market expectation for the index was to come in at 60.0.
“Consumer sentiment lifted 8% in June, reaching its highest level in four months, reflecting greater optimism as inflation eased and policymakers resolved the debt ceiling crisis,” Surveys of Consumers Director Joanne Hsu said in a statement.
“Sentiment is now 28% above the historic low from a year ago and may be resuming its upward trajectory since then,” she added.
Year-ahead inflation expectations, however, declined to 3.3% in June, after standing at 4.2% in May.
“The current reading is the lowest since March 2021,” said Hsu.
The index of current economic conditions increased 3.1 points to 68.0 in June, from 64.9 in May, according to the survey results.
The index of consumer expectations soared 5.9 points to 61.3 from 55.4 during that period.
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