US: UoM Consumer Sentiment Index edges higher to 78.1 (final) in June vs. 79 expected

• UoM data shows consumer confidence in the US continued to improve in June.
• Major equity indexes in the US remain deep in the negative territory. 

The University of Michigan’s Survey of Consumers revealed that the Index of Consumer Sentiment edged higher to 78.1 (final) in June from 72.3 in May. This reading came in lower than the previous estimate of 78.9 and missed the market expectation of 79 as well.

Further details of the publication revealed that the Current Economic Conditions Index rose to 87.1 from 82.3 and the Index of Consumer Expectations improved to 72.3 from 65.9.

Commenting on the data, “consumer sentiment slipped in the last half of June, although it still recorded its second monthly gain over the April low,” said Surveys of Consumers chief economist, Richard Curtin. “While most consumers believe that economic conditions could hardly worsen from the recent shutdown of the national economy, prospective growth in the economy is more closely tied to progress against the coronavirus.”

Market reaction

This data had little to no impact on market sentiment. As of writing, Wall Street’s main indexes were down between 1.3% and 0.9%.