Source: University of Michigan
Consumer sentiment rebounded in June, driven by improved economic prospects after a decline in May.
- The Index of Consumer Sentiment stood at 85.5 in June, up 3.1% from May’s 82.9 and up 9.5% from June 2020’s 78.1.
- The latest reading is the second-highest since the COVID-19 pandemic hit, behind April’s 88.3.
- The June climb was driven by households with over $100,000 incomes and their economic outlook.
- Consumers believe inflation is temporary, with expectations down to 4.2% versus May’s 4.6%.
- A series-high proportion of consumers expect employment to improve and an interest rate hike in the coming year.
- Consumers indicated that risks from emerging COVID-19 variants are “appreciable.”
- Respondents will maintain a higher level of emergency funds, and are unlikely to reduce savings to pre-pandemic levels.
- The Index of Consumer Expectations gained 6.0% month-on-month and 15.5% year-on-year to 83.5.
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