U. Michigan Consumer Confidence Rebounds in June
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U.S. consumer sentiment (search) staged a surprise upturn in early June, defying analysts' predictions for a decline on the back of high energy prices and the turmoil in Iraq (news - web sites), according to a survey on Tuesday.
The University of Michigan's (search) preliminary survey of consumer confidence for June showed its sentiment index rose to 95.2 from a final reading of 90.2 in May, according to sources who saw the subscription-only report, breaking a two-month decline.
Economists polled by Reuters had forecast a fall to 89.9 as record-high gasoline prices and geopolitical concerns offset some of the recent optimism over the improvement in the jobs market.
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The expectations index rose to 86.9 in June from 81.6 in May, most likely in line with the dramatic pick-up in the jobs market over the past few months.
The current conditions component rose to 108.1 from 103.6, its best since January this year.