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The Thomson Reuters/University of Michigan preliminary consumer sentiment index jumped to 95.8 in May from a final reading of 89.0 in March. Analysts had expected the index to rise to 91.0.
"Consumer sentiment rebounded in early May due to more frequent income gains, an improved jobs outlook, and the expectation of lower inflation and interest rates. The largest gains were recorded among lower income and younger households, although the gains were recorded among all income and age subgroups as well as across all regions," the Surveys of Consumers chief economist at the University of Michigan Richard Curtin said.
The index of current economic conditions climbed to 108.6 in May from 106.7 in April, while the index of consumer expectations increased to 87.5 from 77.6.
The one-year inflation expectations declined to 2.5% in May from 2.8% in April.
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