ANKARA
Consumer sentiment moved sharply higher in the U.S. in June, according to the University of Michigan Consumer Sentiment Index report Friday.
The Index of Consumer Sentiment jumped 4.3 percent to a reading of 94.6 in June from 90.7 in May, the report said.
From the same month in the previous year, the index climbed 14.3 percent from a reading of 82.5.
The June gain was due to the most favorable personal financial prospects since 2007, according to Richard Curtin, chief economist at the index. Households also expected the largest wage gains since 2008.
"Just as importantly, consumers expected the inflation rate to remain low over the foreseeable future," Curtin added.
Overall, the June data is consistent with a 3 percent annual growth rate in real personal consumption expenditures during 2015, the report said.
The U.S. Federal Reserve has said that economic indicators of this type will be taken into consideration when the Fed considers an interest rate increase.
