5/17, 4:00 PM (Source: TeleTrader)
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US consumer confidence surges to 15-year high in May

Confidence among consumers in the United States improved significantly in May, preliminary survey results conducted by the University of Michigan showed on Friday. The Michigan Consumer Sentiment Index (MCSI) figure stood at whopping 102.4, up 5.3% compared to the month before and 4.5% year-over-year.

The indicator of current economic conditions stood at 112.4, up 0.1% from the previous month and 0.6% compared to the same month a year before. Meanwhile, consumer expectations index advanced 9.8% compared to April and 7.7% compared to May 2018 year, reaching 96.0.

"The Index of Consumer Sentiment surged in early May to its highest level in fifteen years. All of the May gain was in the Expectations Index, which also rose to its highest level since 2004," Surveys of Consumers chief economist Richard Curtin said commenting on the report. "Even apart from the direct impact of [China] tariffs on prices, rising tariffs could cause a more general loss of confidence which could further diminish the pace of consumer spending," he added, noting that "at present, the data point toward moderate spending growth in the year ahead."

Breaking the News / GG