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Economy in Brief

U.S. Consumer Sentiment Continues To Improve
by Tom Moeller  May 31, 2013

Consumers are feeling better about today's economy and its prospects. The University of Michigan's Index of Consumer Sentiment for May improved to 84.5 (6.6% y/y), the highest level since July 2007. It compared to the consensus forecast for 83.8 and a mid-month reading of 83.7. During the last ten years, there has been a 60% correlation between the level of sentiment and the three-month change in real personal consumption expenditures.

This month's reading of current economic conditions increased 9.0% (12.4% y/y) to 98.0, the highest figure since July 2007. The consumer expectations figure improved 11.8% (2.0% y/y) to 75.8.

The Reuters/University of Michigan survey data are not seasonally adjusted. The readings are based on telephone interviews with over 300 households. Data can be found in Haver's USECON database. The expectations figure is from Action Economics and can be found in Haver's AS1REPNA database.

Piggy Banks from the Federal Reserve Bank of New York is available here.

University of Michigan (Q1'66 = 100) May Apr Mar May'12 2012 2011 2010
Consumer Sentiment 84.5 76.4 78.6 79.3 76.5 67.3 71.8
 Current Economic Conditions 98.0 89.9 90.7 87.2 85.6 79.1 80.9
 Consumer Expectations 75.8 67.8 70.8 74.3 70.7 59.8 66.0
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