With consumers experiencing some relief due to the early-month easing in gasoline prices, the University of Michigan released a report on Friday showing a bigger than expected rebound in U.S. consumer sentiment in the month of June.
The University of Michigan said its consumer sentiment index jumped to 48.9 in June after slumping to 44.8 in May. Economists had expected the index to rise to 46.0.
With the bigger than expected increase, the consumer sentiment index regained ground after hitting its lowest reading on records going back to 1952.
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