Briefing.com: Mich Sentiment

Updated: 26-May-23 10:17 ET

May Univ. of Michigan Consumer Sentiment - Prelim

Updated: 26-May-23 10:17 ET

Highlights

The final University of Michigan Consumer Sentiment Index for May checked in at 59.2 (Briefing.com consensus 57.8) versus the preliminary reading of 57.7. The final reading for April was of 63.5.
In the same period a year ago, the index stood at 58.4.

Key Factors

The Current Economic Conditions Index was revised up to 64.9 from 64.5. The final reading for April was 68.2. In the same period a year ago, the index stood at 63.3.
The Index of Consumer Expectations jumped to 55.4 from 53.4. The final reading for April was 60.5. In the same period a year ago, the index stood at 55.2.
Year-ahead inflation expectations dipped to 4.2% from the preliminary reading of 4.5%.
Five-year inflation expectations slipped to 3.1% from the preliminary reading of 3.2%.

Big Picture

The key takeaway from the report is that consumer sentiment was better than the mid-month look, yet sentiment worsened versus April as worries about the economic outlook increased.