The University of Michigan’s gauge of consumer sentiment rose to 60.5 in a preliminary June reading from 52.2 in the prior month. This is the first improvement in six months.
The gain was larger than expected. Economists polled by the Wall Street Journal had expected sentiment would rise to 54.0 from 52.2 in the prior month.
Sentiment is still 20% below December.
Inflation expectations dropped sharply.
