The University of Michigan's preliminary May consumer sentiment index reading was 83.7, compared to the final April 76.4, the preliminary April 72.3, and the final March 78.6, according to market sources.

The expectations index was 74.8, compared to 67.8 in April, 64.2 earlier in April, and 70.8 in March.

The current conditions index was 97.5, compared to 89.9 in April, 84.8 earlier in April, and 90.7 in March.

Economists polled by Thomson Reuters had predicted a 78.0 reading for the main index, 89.9 for current conditions and 68.1 for expectations.

The five-year inflation expectation index was 2.8%, compared to 2.9% in April, while the one-year inflation expectation index was 3.1%, compared to 3.1% in April.

The University of Michigan index is not released to the press, but only to paying subscribers.

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