U.S. Consumer Sentiment Index Unexpectedly Downwardly Revised In May
May 25 2018 - 6:10AM
RTTF2
Consumer sentiment in the U.S. unexpectedly saw a modest
deterioration in the month of May, according to revised data
released by the University of Michigan on Friday.
The report said the consumer sentiment index for May was
downwardly revised to 98.0 from the preliminary reading of
98.8.
Economists had expected the consumer sentiment index to be
unrevised at 98.8, which would have been unchanged from the final
April reading.
Richard Curtin, the survey's chief economist, noted the consumer
sentiment index has meandered in a tight eight-point range from
93.4 to 101.4 since President Donald Trump's election.
"Consumers have remained focused on expected gains in jobs and
incomes as well as anticipated increases in interest rates and
inflation during the year ahead," Curtin said.
"As past expansions have shown, rising interest rates do not
suppress spending gains as long as they are accompanied by more
substantial increases in incomes," he added. "The May survey,
however, found that consumers anticipated smaller income gains than
a month or year ago."
The report said the current economic conditions index fell to
111.8 in May from 114.9 in April, while the index of consumer
expectations inched up to 89.1 from 88.4.
On the inflation front, one-year inflation expectations ticked
up to 2.8 percent in May from 2.7 percent in April, while five-year
inflation expectations held at 2.5 percent.
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