US consumer sentiment improves in June

U.S. consumer sentiment improved in early June as easing gasoline ​prices offered households some relief, though ‌concerns about inflation lingered, a survey showed on Friday.

The University of Michigan's Surveys of Consumers ​said its Consumer Sentiment Index increased ​to 48.9 this month from a ⁠record low of 44.8 in May. Economists ​polled by Reuters had forecast the index climbing ​to 46.0.

"Lower-income consumers exhibited a particularly strong sentiment increase, consistent with the fact that gasoline ​comprises a larger share of their ​budgets," said Joanne Hsu, the director of the Surveys ‌of ⁠Consumers.

"Consumers remain focused on kitchen table issues. They feel burdened by the recent escalation in inflation and worry that ​higher inflation ​could ⁠remain stubborn going forward, particularly in the short run."

The survey's ​measure of consumer expectations for ​inflation ⁠over the next year slipped to a still-high 4.6% this month from 4.8% in ⁠May. Consumers' ​expectations for inflation over ​the next five years dropped to 3.4% from 3.9% last month.

-Reuters