by Calculated Risk on 5/13/2011 12:47:00 PM

The preliminary May Reuters / University of Michigan consumer sentiment index increased to 72.4 from 69.8 in April.

Click on graph for larger image in graphic gallery.

This was slightly above the consensus forecast of 70.0.

In general consumer sentiment is a coincident indicator and is usually impacted by employment (and the unemployment rate) and gasoline prices.

This is still a low reading, but sentiment will probably improve later this month if gasoline prices fall.