Keeping you up to date on the latest data releases.
- Consumer Sentiment
The University of Michigan’s Index of Consumer Sentiment edged up in early May, rising from an index value of 76.4 in April to 77.8. As a result, overall sentiment is at its highest level since January 2008, but still remains well below its average over the previous expansion (November 2001 to December 2007) of 88.9. All of May’s improvement in overall sentiment was driven by respondents’ collective judgment of current conditions—which pushed that index up from 82.9 to 87.3. The consumer expectations component actually retreated a little in May, slipping from 72.3 in April to 71.7. Median short-run (one-year ahead) inflation expectations ticked down from 3.2 percent in April to 3.1 percent in May, holding just 0.1 percentage point above longer-term (five-to-ten years ahead) inflation expectations (which were nudged up from 2.9 percent to 3.0 percent in May).