Consumer sentiment in the U.S. deteriorated by much less than previously estimated in the month of June, according to a report released by Thomson Reuters and the University of Michigan on Friday.
The report showed that the consumer index for June was upwardly revised to 84.1 from the preliminary reading of 82.7. Economists had been expecting the index to be upwardly revised to 83.0.
While the final reading on the index came in well above economist estimates, it still reflects a modest decrease from the six-year high of 84.5 in May.
Surveys of Consumers chief economist, Richard Curtin said, "Consumers now believe the recovery has achieved an upward momentum that will not be easily reversed."
"To be sure, few consumers expect the economy to post robust gains or think the unemployment rate will drastically shrink during the year ahead," he added. "Nonetheless, consumers anticipate continued slow economic progress."
The report showed that the barometer of current conditions for June was upwardly revised to 93.8 from 92.1, although it remains below the May reading of 98.0.
Meanwhile, the consumer expectations index climbed to 77.8 in June from 75.8 in May, reaching its highest level since October. The final reading was upwardly revised from 76.7.
On the inflation front, one-year inflation expectations for June were downwardly revised to 3.0 percent from 3.2 percent and are now down from 3.1 percent in May. The five-to-ten-year inflation outlook was unchanged from the previous month at 2.9 percent.
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