U.S. consumer sentiment rebounds in early June

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© Reuters. FILE PHOTO: Shoppers carry bags of purchased merchandise at the King of Prussia Mall, United States’ largest retail shopping space, in King of Prussia, Pennsylvania, U.S., December 8, 2018. REUTERS/Mark Makela/File Photo

WASHINGTON (Reuters) – U.S. 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. Economists polled by Reuters had forecast the index rising to 84.

The survey’s gauge of current economic conditions edged up to a reading of 90.6 from 89.4 in May. Its measure of consumer expectations rose to 83.8 from 78.8. The survey’s one-year inflation expectations fell to 4.0 from 4.6%, while its five-to-10-year inflation outlook dropped to 2.8% from 3.0% in May.

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