Sumary of US consumer sentiment rebounds in early June: survey:
- Consumer sentiment rebounded in early June as inflation fears subsided and households grew more optimistic about future economic growth and employment, a survey showed on Friday..
- The University of Michigan said its preliminary consumer sentiment index increased to 86.4 in the first half of this month from a final reading of 82.9 in May..
- “Stronger growth in the national economy was anticipated, with an all-time record number of consumers anticipating a net decline in unemployment,”.
- Curtin said the improvement in sentiment was largely led by middle-and higher-income households, reflecting the continued uneven nature of the economic recovery..
- While consumers have a brighter view of the job market and economy than they did in May and their inflation worries eased somewhat, people still remain concerned about high prices for things such as cars and homes..
- “Consumers tend to overreact to inflation, predicting it will be higher than it turns out to be, especially in volatile times such as these,”…