Final estimate of May University of Michigan consumer sentiment index revised down slightly

The University of Michigan index of consumer confidence for the U.S. was slightly revised down for May. The index was revised down slightly to 97.1 in the final estimate for the month of May. The current conditions index was downwardly revised to 111.7 from 112.7. Also, the expectations index was revised down a bit to 87.1 from 88.1.

The one-year inflation expectations index remained the same at 2.6 percent, whereas long-term inflation expectations were upwardly revised by one-tenth to 2.4 percent. In all, the continued rebound in the headline index implies that consumer sentiment stays on a solid footing and is supportive of GDP growth in the near term, said Barclays in a research report.

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