UMich Sentiment Reaches Five-month High In June, Reports Say

Consumer sentiment rose to a final June reading of 96.1, reaching a five-month high, rebounding from a drop in May, according to reports on the University of Michigan gauge released Friday. Economists polled by MarketWatch had expected the final June figure to match a preliminary result of 94.6. Economists follow readings on confidence to look for clues about consumer spending, the backbone of the economy. For context, the consumer-sentiment gauge averaged 86.9 over the year leading up to the recession.