The final reading for the June Reuters/Michigan index of consumer sentiment came in at 78.1 compared to a preliminary reading of 78.9 and the May final reading of 72.3.

Economists had forecast the index to be revised up to 79.0.

According to the report, the index of the current economic conditions rose 5.8 percent m-o-m to 87.1 from May’s final reading of 82.3.

Meanwhile, the index of consumer expectations surged 9.7 percent m-o-m to 72.3 from May’s final reading of 65.9.

Richard Curtin, the Surveys of Consumers chief economist, noted that consumer sentiment slipped in the last half of June, although it still recorded its second monthly gain over the April low. “While most consumers believe that economic conditions could hardly worsen from the recent shutdown of the national economy, prospective growth in the economy is more closely tied to progress against the coronavirus. The early reopening of the economy has undoubtedly restored jobs and incomes, but it has come at the probable cost of an uptick in the spread of the virus,” he added.