The University of Michigan’s preliminary May consumer sentiment index reading was 77.8, up from the final April 76.4, the preliminary April 75.8 and the final March 76.2, according to market sources.

The expectations index was 71.7, down from 72.3 in April, 72.5 earlier in April and 69.8 in March.

The current conditions index was 87.3, up from 82.9 in April, 80.6 earlier in April and 86.0 in March.

Economists polled by Thomson Reuters had predicted a 76.4 reading for the main index, 83.0 for current conditions and 72.5 for expectations.

The five-year inflation expectation index was 3.0%, compared to 2.9% in April, while the one-year inflation expectation index was 3.1%%, down from 3.2% in April.

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