U.S. Consumer Sentiment Improves More Than Previously Estimated In June

(RTTNews) - Consumer sentiment in the U.S. has improved by even more than previously estimated in the month of June, according to a report released by the University of Michigan on Friday.

The report said the consumer sentiment index for June was upwardly revised to 96.1 from the mid-month reading of 94.6.

Economists had expected the index to be unrevised from the preliminary reading, which was already up sharply from the final May reading of 90.7.

Richard Curtin, the survey's chief economist, said, "Consumers voiced in the first half of 2015 the largest and most sustained increase in economic optimism since 2004."

"Consumer spending will remain the driving force of economic growth in 2015," he added. "Overall, the data indicate growth in consumer spending of 3.0% in 2015."

The report showed a substantial improvement in the assessment of current conditions, as the current economic conditions index jumped to 108.9 in June from 100.8 in May.

Consumer expectations also improved compared to the previous month, with the index of consumer expectations climbing to 87.8 from 84.2.

On the inflation front, the report said one-year and five-year inflation expectations edged down to 2.7 percent and 2.6 percent, respectively.