Consumer sentiment above expectations in preliminary May read
The University of Michigan's preliminary May consumer sentiment index reading was 98.8, compared to the final April 98.8 and the preliminary April 97.8, according to market sources.
The expectations index was 89.5 compared to the final April 88.4 and the preliminary April 86.8.
The current conditions index was 113.3, compared to the final April 114.9 and the preliminary April 115.0.
Economists polled by IFR Markets had predicted a 98.5 reading for the main index, 115.3 for current conditions and 88.0 for expectations.
The five-year inflation expectation index was 2.5%, compared to 2.5% in April, while the one-year inflation expectation index was 2.8%, compared to 2.7% in April.
The University of Michigan index is not released to the press, but only to paying subscribers.