Keeping you up to date on the latest data releases.
- Consumer Sentiment
The University of Michigan Index of Consumer Sentiment edged up in early May, increasing from an index value of 72.2 to 73.3, but is still below its recent high of 74.4, which was reached in January. Both the current conditions and consumer expectations components posted modest increases, contributing to the overall increase. The release noted that, “more favorable views among households with incomes above $75,000,” helped to spur the improvement. As sentiment improved, so did consumers’ inflation expectations. Average year-ahead inflation expectations rose 0.4 percentage point to 4.0 percent in May, tjeor highest level since October of 2008. Longer-term (5-10-year-ahead) expectations ticked up from 3.2 percent to 3.4 percent during the month, matching their average over the last five years.