Consumer Sentiment Index in the United States increased by 7.9% on a monthly basis to 63.9 points in June, according to a preliminary report published by the University of Michigan on Friday. The index soared 27.8% year over year. The main index reached "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 revealed in the report.
The Current Economic Conditions Index rose by 4.8% month-on-month and by 26.4% compared to April 2022. The Index of Consumer Expectations increased by 10.6% from the previous month and by 29.1% on an annual basis.
"Year-ahead inflation expectations receded for the second consecutive month, falling to 3.3% in June from 4.2% in May. The current reading is the lowest since March 2021. In contrast, long-run inflation expectations were little changed from May at 3.0%," Hsu added.
