Consumer Outlook Is On The Upswing
A widely followed measure of consumer sentiment turned in a much stronger showing than expected in June, adding a mixed signal to economic figures that have been pointing toward slower growth.
The University of Michigan’s consumer sentiment index rose to 92.3 from 89.3 in May, according to subscribers who saw the report issued Friday. The midmonth index of consumers’ expectations increased to 83.9 in June from 80.1 in May.
Financial markets had been expecting the index to fall in line with other economic figures that have signaled slower economic growth, if not recession.
“This shows that all the news is not in one direction,” Raymond Worseck, chief economist at A.G. Edwards & Sons Inc. in St. Louis, said.