U.S. Consumer Sentiment Unexpectedly Holds Steady In May
May 11 2018 - 6:11AM
RTTF2
Consumer sentiment in the U.S. unexpectedly held steady in early
May, according to a report released by the University of Michigan
on Friday.
The report said the preliminary reading on the consumer
sentiment index for May came in at 98.8, unchanged from the final
April reading. Economists had expected the index to edge down to
98.5.
The unchanged reading on the headline index came as the current
economic conditions index dipped to 113.3 in May from 114.9 in
April but the index of consumer expectations rose to 89.5 from
88.4.
Richard Curtin, the survey's chief economist, noted that the
changes by the indexes were both statistically insignificant.
"What is likely to capture attention, however, are the small
uptick in near term inflation expectations, the downward slippage
in income expectations, and the expected stabilization of the
national unemployment rate at decade lows," Curtin said.
He added, "The data will thus provide some additional points for
both sides in the debate about the timing and number of future
interest rate hikes."
The report said one-year inflation expectations inched 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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