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June Michigan Consumer Sentiment Revised Higher From Preliminary Print, Up From May

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The University of Michigan consumer sentiment index was revised upwards on Friday to a reading of 49.5 for June from 48.9 in the preliminary estimate, below expectations for a slightly larger revision to 50.0 in a survey compiled by Bloomberg as of 7:30 am ET.

That was also above the final reading of 44.8 in May.

The current conditions index was revised downwards to 47.7 from a 48.4 preliminary estimate, above the 45.8 reading in May, while the expectations index was revised upwards to 50.7 from 49.3. The index was 44.1 in May.

Respondents expected a 4.6% inflation rate over the next year and 3.3% annual inflation over the next five years, down from 4.8% and 3.9% respectively in May.

The twice-monthly Michigan Sentiment index measures consumer sentiment early in the current month (the preliminary estimate) and is then revised later in the month (the final estimate).

The headline index is a combination of the current assessment and expectations for the near future. An increase in the reading suggests consumers are more confident, a positive for stocks if that confidence translates into spending.

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