WASHINGTON (Alliance News) - Reflecting a significant upward revision from the preliminary reading, Thomson Reuters and the University of Michigan released a report on Friday showing that consumer sentiment improved in the month of June.
The report showed that the consumer sentiment index for June was upwardly revised to 82.5 from the preliminary reading of 81.2.
With the upward revision, the index exceeded economist estimates and came in above the final May reading of 81.9.
"Consumers believe the first quarter decline in economic activity was due to the harsh winter weather, and that the economy has already returned to positive economic growth," survey director Richard Curtin said, according to Reuters.
The improvement by the headline index came as the barometer of current economic conditions rose to 96.6 in June from 94.5 in May.
On the other hand, the report said the gauge of consumer expectations slipped to 73.5 in June from 73.7 in the previous month.
The survey's one-year inflation expectation dipped to 3.1% from 3.3%, while the five-to-10-year inflation outlook edged up to 2.9% from 2.8%.
Original headline: US Consumer Sentiment Shows Unexpected Improvement In June
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