US consumer sentiment improves in June

U.S. consumer sentiment improved for the first time in six months in June, but that could be temporary after Israel launched missile strikes against Iran, boosting oil prices.

The University of Michigan Surveys of Consumers on Friday said its Consumer Sentiment Index jumped to 60.5 this month from a final reading of 52.2 in May. Economists polled by Reuters had forecast the index rising to 53.5.

"Consumers appear to have settled somewhat from the shock of the extremely high tariffs announced in April and the policy volatility seen in the weeks that followed," said Surveys of Consumers Director Joanne Hsu. "However, consumers still perceive wide-ranging downside risks to the economy."


Consumers' 12-month inflation expectations fell to 5.1% from 6.6% in May. Long-run inflation expectations dipped to 4.1% from 4.2% last month.

Oil prices surged more than $5 per barrel on Friday to multi-year highs as the Israeli strikes on Iranian nuclear facilities stoked fears of retaliation and disruption of crude supplies from Middle East.