According to the preliminary results for May, the University of Michigan's Consumer Sentiment Index rose to its highest level in fifteen years at 102.4 from 97.2 in April and surpassed the market expectation of 97.5.
"Consumers viewed prospects for the overall economy much more favorably, with the economic outlook for the near and longer term reaching their highest levels since 2004," the publication read. "The gains were recorded mostly before the trade negotiations with China collapsed and China responded with their own tariffs."
May (preliminary) results
- Index of Consumer Sentiment at 102.4 vs 97.2 in April.
- Index of Current Economic Conditions at 112.3 vs 112.3 in April.
- Index of Consumer Expectations at 96 vs 87.4 in April.
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