Consumer sentiment jumps to five-month high

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The final reading of the University of Michigan's consumer sentiment index rose to 96.1 in June.

The reading is a five-month high.

Economists had forecast a reading of 94.6, unchanged from the flash reading, and up from a final reading of 90.7 in May, according to Bloomberg.

The survey's chief economist Richard Curtin wrote in the release, "Consumers voiced in the first half of 2015 the largest and most sustained increase in economic optimism since 2004. Just as important, that same record was set by households in the top third of the income distribution as well as by the middle third and those in the bottom third of the income distribution."

In a weekly preview of the economy, BNP Paribas economists wrote, "Since estimates from the first half of June, labor market data remain impressive; equities are little changed, while gasoline prices have increased a bit. We expect the index to remain at elevated levels, in line with our forecast for a Q2 pickup in consumption."

More to come ...

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