The University of Michigan’s Index of Consumer Sentiment is one of two monthly US consumer sentiment indices, the other being The Conference Board’s Consumer Confidence Survey. It covers personal finances, business conditions and buying conditions.
The latest May survey includes responses up to 16 May and it indicates US consumers consider current conditions to be more favourable while their views regarding prospective conditions are described as having “improved modestly.” The net result was an increase in the index from a revised 125.6 in April to 128.0 in May.
Lynn Franco, Director of Economic Indicators at The Conference Board said, “Overall, confidence levels remain at historically strong levels and should continue to support solid consumer spending in the near-term.” However, readings regarding consumers’ expectations suggest “the pace of growth over the coming months is not likely to gain any significant momentum.”