Consumer Sentiment increases in May

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

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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.