The University of Michigan's final June consumer sentiment index reading edged past economists' expectations to reach a 29-month high of 76 in June, according to market sources.
The number compares with a preliminary reading of 75.5 earlier in the month and final readings of 73.6 in May and 72.2 in April. Economists had predicted a final reading of 75.5 reading for June.
Still, consumer sentiment remains "closer to levels consistent with a recession than a recovery," Diane Swonk, chief economist at Mesirow Financial, wrote in a research note. It is likely to fall as more Americans exhaust their unemployment benefits, she said.
The expectations component of the index was 69.8 compared with a preliminary reading of 70.7 earlier this month and readings of 68.8 in May and 66.5 in April.
The current conditions component of the index was 85.6, compared to 82.9 earlier this month, 81.0 in May and 81.0 in April. It represents consumer perceptions of their own present situation and whether it's an opportune time to make major purchases, like a car.
Economists polled by Thomson Reuters had predicted an 82.9 reading for the current conditions index and 70.7 for the expectations index.
The University of Michigan index is not released to the press.
