UMich Sentiment Rises To 94.6 In June, Reports Say

Consumer sentiment rose to a preliminary June reading of 94.6, rebounding from a drop for May's final result, when the gauge hit a six-month low of 90.7, according to reports on the University of Michigan gauge released Friday. 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.