Economic Buzz: US UoM consumer sentiment improves in June

Preliminary data released by the University of Michigan on Friday showed a substantial improvement by consumer sentiment in the U.S. in the month of June.

The University of Michigan said its consumer sentiment index surged to 60.5 in June after holding at 52.2 in May. Economists had expected the index to rise to 53.5.

The sharp increase by the headline index partly reflected a significant improvement in consumer expectations, with the index of consumer expectations spiking to 58.4 in June after inching up to 47.9 in May.

The current economic conditions index also shot up to 63.7 in June from 58.9 in May, increasing for the first time in six months.

The report also said year-ahead inflation expectations plunged to 5.1 percent in June from 6.6 percent in May, hitting a three-month low.

Long-run inflation expectations also edged down to a three-month low of 4.1 percent in June from 4.2 percent in May.

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