"The turnaround is largely due to renewed gains in employment, with more consumers expecting declines in the jobless rate than at any other time in the long history of the Michigan surveys," said Surveys of Consumers chief economist Richard Curtin.
The University of Michigan's consumer-sentiment index spiked more than 9% to 78.9 in June from 72.3 in May, according to. It's the second monthly gain for the index after it posted a surprise jump in May after a record slump in April. Still, the index is down nearly 20 points on the year. The current economic conditions index surged to 87.8 in June from 82.3 in May, while the index of consumer expectations jumped to 73.1 from 65.9 in the prior month.
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