Consumer sentiment in the U.S. decreased by less than initially estimated in the month of June, the University of Michigan revealed in a report on Friday.
The report said the consumer sentiment index for June was upwardly revised to 95.1 from the preliminary reading of 94.5. Economists had expected the index to be unrevised.
Despite the upward revision, the consumer sentiment index for June was still down from the final May reading of 97.1.
"Although consumer confidence slipped to its lowest level since Trump was elected, the overall level still remains quite favorable," said Richard Curtin, the survey's chief economist.
He added, "The average level of the Sentiment Index during the first half of 2017 was 96.8, the best half-year average since the second half of 2000."
The decrease by the consumer sentiment index came as the index of consumer expectations fell to 83.9 in June from 87.7 in May.
On the other hand, the report said the index of current economic conditions rose to 112.5 in June from 111.7 in the previous month.
The University of Michigan said one-year inflation expectations held steady at 2.6 percent, while five-year inflation expectations inched up to 2.5 percent in June from 2.4 percent in May.
by RTT Staff Writer
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