U.S. consumer sentiment shows little change in May
The University of Michigan said the consumer sentiment index for May was downwardly revised to 97.1 from a preliminary reading of 97.7. The May reading is slightly higher than the final April reading of 97.0.
Economists had expected a more modest downward revision to the consumer sentiment index to a reading of 97.5.
"Consumer sentiment has continued to move along the high plateau established following Trump's election," said Richard Curtin, the survey's chief economist. "Indeed, the May figure was nearly identical with the December to May average of 97.3."
He added, "Moreover, the partisan divide between Democrats and Republicans has also remained largely unchanged, with the first expecting a recession and the other more robust economic growth."
The report said the index of consumer expectations crept up 87.7 in May from 87.0 in April, but the current economic conditions index dipped to 111.7 from 112.7.
On the inflation front, one-year inflation expectations inched up to 2.6 percent in May from 2.5 percent in April, while five-year inflation expectations held at 2.4 percent. ■