The numbers: After hitting a pandemic high in April, and falling precipitously in May the University of Michigan’s index of consumer sentiment rebounded in June.
The University of Michigan’s gauge of consumer sentiment rose to a preliminary June reading of 86.4 from a final May reading of 82.9.
Economists polled by the Wall Street Journal has forecast a reading of 84.4.
What happened: A sub-index that measures how consumers feel about the economy right now rebounded somewhat, likely due to rapid job gains in recent month. Rising inflation fears are still weighing on Americans, leaving Americans feeling significantly more confident that earlier this year
Big picture: Americans are feeling the benefits of a relatively strong recover as more than 1 million jobs in the past three months, but they are still concerned about the prospect of runaway inflation.
Market reaction: The Dow Jones Industrial Average
edged down into negative territory after the report.