The Reuters/University of Michigan Consumer Sentiment Survey improved significantly in May, surpassing the previous postrecession high set last November.
The overall consumer sentiment index improved from 76.4 in April to 83.7 in the mid-May reading. The current economic conditions component improved from 89.9 to 97.5. Consumer expectations improved from 67.8 to 74.8. While both measures improved in May and the overall index set a new postrecession high, consumer expectations remain below the level reached in October 2012.
