Consumer Sentiment increased 8.0 points in June to 78.1, according to the University of Michigan Consumer Sentiment Index. June’s figure is 20.5 points below the June 2019 index. The Current Economic Conditions Index rose 5.8 points to 87.1. However, the reading was 22.2 points below the June 2019 index. The Consumer Expectations Index rose 9.7 points to 72.3 and was 19.0 points lower than a year ago.
“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. The early reopening of the economy has undoubtedly restored jobs and incomes, but it has come at the probable cost of an uptick in the spread of the virus.” said Richard Curtin, chief economist of UM Surveys of Consumers.
Read the University of Michigan Surveys of Consumers release.