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- U.S. consumer sentiment slightly better than initially estimated in May
U.S. consumer sentiment slightly better than initially estimated in May
The
final reading for the May Reuters/Michigan index of consumer sentiment came in
at 82.9 compared to a preliminary reading of 82.8 and the April final reading
of 88.3. This was the lowest reading in three months.
Economists
had forecast the index to be revised to 82.9.
According
to the report, the index of consumer expectations fell 4.7 percent m-o-m to 78.8
from April’s final reading of 82.7, while the index of the current economic
conditions plunged 8.0 percent m-o-m to 89.4 from April’s final reading of 97.2.
“It
is hardly surprising that the resurgent strength of the economy produced more
immediate gains in demand than supply, causing consumers to expect a surge in
inflation,” noted Richard Curtin, Surveys of Consumers chief economist. “Record
proportions of consumers reported higher prices across a wide range of
discretionary purchases, including homes, vehicles, and household durables -
the average change in May vastly exceeds all prior monthly changes.”
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