Consumer Sentiment Higher Than Expected
Ann Arbor, MI, June 25, 2009--U.S. consumer sentiment rose more than expected in June, but remained at relatively low levels, according to a survey released Friday by the University of Michigan and Reuters.
The consumer sentiment index rose to 70.8 from 68.7 in May. In mid-June the estimate was 69. Economists were looking for a final June result of 69.
The index hit a 28-year low of 55.3 in November, and has averaged 88.2 over the last 10 years. Recent readings show that the weak labor market continues to dampen consumer sentiment.