A report released by the University of Michigan on Friday showed consumer sentiment in the U.S. improved by slightly more than previously estimated in the month of June.
The University of Michigan said its consumer sentiment index for June was upwardly revised to 60.7 from a preliminary reading of 60.5.
The sharp monthly increase by the headline index came as the index of consumer expectations surged to 58.1 in June from 47.9 in May, while the current economic conditions index jumped to 64.8 in May from 58.9 in June.
The report also said year-ahead inflation expectations plunged to 5.0 percent in June from 6.6 percent in May, hitting a three-month low.
Long-run inflation expectations also slipped to a four-month low of 4.0 percent in June from 4.2 percent in May.