U.S. consumer sentiment revised down more than expected in May
U.S. consumer sentiment was revised down more than expected in May, according to a report published on Friday.
The final revision of the data for May from the University of Michigan's Consumer Survey Center showed that consumer sentiment dropped to 94.7, from the initial reading of 95.8 and April’s tally of 89.0.Analysts had forecast a reading of 95.4.The current conditions index was increased to 109.9, from the prior 108.6. Analysts had expected a tick down to 108.5.The consumer expectations component showed a more pessimistic outlook with a downward revision to 84.9, compared to the original 87.5. Economists had expected a shallower revision to 86.6.Meanwhile, inflation expectations dropped to 2.4%, from the prior 2.5%.
The five-year inflation expectations were notched down to 2.5%, from 2.6%.Immediately after the release, U.S. stocks continued to trade slightly higher. The Dow 30 rose 26 points, or 0.14%, while the S&P 500 traded up 4 points, or 0.19%, while the tech-heavy NASDAQ Composite advanced 16 points, or 0.32%, at 14:03GMT or 10:03AM ET.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 95.48, compared to 95.46 ahead of the report.