US consumer sentiment was brighter than expected in June. Consumer sentiment, surveyed by the University of Michigan, rose to 63.9 points from 59.2 points in the previous month, the university said after preliminary estimates. Economists had expected only 60.0 points. Both consumer expectations and assessment of the situation improved.
Survey director Joan Hsu said consumers are more optimistic about future inflation. Additionally, the agreement provides relief in disputes over the debt ceiling. However, the indicator is still at historically low levels. Most consumers expect tough economic times to continue for the year ahead.
Consumer inflation expectations have fallen significantly over a one-year horizon. They declined to 3.3 percent in June from 4.2 percent in May. This is the lowest level since March 2021. Longer-term expectations for the inflation rate over five to ten years fell by 0.1 percent to 3.0 percent.
The University of Michigan indicator measures the purchasing behavior of American consumers. It is based on a telephone survey of about 500 households. An assessment of the financial and economic situation and the corresponding expectations are queried.
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