Ann Arbor, MI, June 25--Consumer sentiment rose for the first time in three months in June amid increased hiring and a drop in gasoline prices, a private survey showed.
The University of Michigan's final index of consumer sentiment for the month rose to 95.6 from 90.2 in May. The index's preliminary reading, released June 15, was 95.2.
The addition of 1.2 million jobs this year is boosting incomes, and retail gasoline prices have fallen the past four weeks. Consumer spending has risen seven of the past eight months, boosting sales at companies such as Bed Bath & Beyond Inc., Rite Aid Corp. and Masco Corp.
The expectations index, which measures optimism about the next one to five months, rose to 88.5 in June from 81.6 in May. The preliminary reading was 86.9.
The current conditions index, based on perceptions of consumers' financial situation and whether it's a good time to make big purchases, rose to 106.7 in June from 103.6 in May. It was previously reported at 108.1.
The sentiment index averaged 89.4 the past three years. The confidence measure has declined since reaching a three-year high of 103.8 in January.
