The University of Michigan’s Survey of Consumers revealed that the Index of Consumer Sentiment edged higher to 78.1 (final) in June from 72.3 in May. This reading came in lower than the previous estimate of 78.9 and missed the market expectation of 79 as well. Further details of the publication revealed that the Current Economic Conditions Index rose to 87.1 from 82.3 and the Index of Consumer Expectations improved to 72.3 from 65.9. In prepared remarks, Richard Curtin, Survey of Consumers chief economist said, “consumer sentiment slipped in the last half of June, although it still recorded its second monthly gain over the April low. While most consumers believe that economic conditions could hardly worsen from the recent shutdown of the national economy, prospective growth in the economy is more closely tied to progress against the coronavirus.”
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