Consumer sentiment rises 2.6% in May

• Consumer sentiment in the month of June has improved by more than previously estimated.
• Report showed that the consumer sentiment index was revised up to 70.8 in June compared to 69.0 in May. Consensus was for a 69.7.
• Expectations grew that the worst of the economic recession is ending.

"Such a sizable gain has usually indicated that an end to the economic downturn is on the horizon, as consumers begin to increase their spending on houses, vehicles, and large household durables" – Reuters Michigan Survey

• Economist were looking for a final June result of 69.  Index hit a 28-year low of 55.3 in November, and has averaged 88.2 over the last 10 years.
• Recent readings show that the weak labor market continues to dampen consumer sentiment.
• In the survey, consumers stressed their intent to rebuild savings and reduce debts.  And while their view on current conditions rose, most consumers expect the economy to be “hindered in in unfavorable financial conditions” for at least the year ahead.

Source: RTT News, CNBC, MarketWatch & Forex FXDD