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Economic Report: Consumer sentiment climbs as rising wages offset inflation upturn

The numbers: University of Michigan consumer sentiment index rose to a 99.3 reading in June, a slight improvement as consumers noted wage gains while also noticing an increase in inflation.

Economists polled by MarketWatch expected a 98.5 reading.

What happened: There was a big gain in the assessment of current conditions, as that index rose to 117.9 from 111.8, but people grew more pessimistic about the future, as the expectations index fell to 87.4 from 89.1.

A record number of households mentioned recent income gains but households also expected the highest year-ahead inflation rate since 2015. The one-year ahead figure inched up to 2.9%, the highest reading since 2015, and the long-run expectations figure rose slightly to 2.6%, matching the highest reading since 2016.

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