US consumers' mood improved

The University of Michigan Final Consumer Sentiment for May came in at 94.7, it's highest reading in nearly a year and a 5.7 point increase from the 89.0 April Final reading. This is its largest increase since 2013. Investing.com had forecast 95.4.

Consumers were a bit less optimistic in late May than earlier in the month, but sentiment was still substantially higher than last month. Indeed, there have only been four prior months since the January 2007 peak in which the Sentiment Index was higher than in May 2016, all recorded at the start of 2015. Despite the meager GDP growth as well as a higher inflation rate, consumers became more optimistic about their financial prospects and anticipated a somewhat lower inflation rate in the years ahead. (MTI)