Friday, May 31, 2013

Consumer Sentiment Jumped in May

Consumer confidence rose to its highest level since 2007 in May, according to the University of Michigan’s consumer sentiment index. Both present conditions and expectations contributed to the 8.1 index point increase to 84.5. It is also the largest monthly gain since October 2006.

The present conditions portion of the index improved to 98.0 in May, up from 84.8 the previous month. Future expectations also rose 11.6 index points from the previous month to 75.8.

Inflationary expectations remained unchanged in May from the previous month. Both the one- and five-year expectations held close to their respective averages over the past year and a half, with a reporting of 3.1% and 2.8% respectively.

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