U.S. consumer-sentiment index jumps in May
What happened: The index for consumer expectations shot higher, rising to 96 from 87.4 in April. That’s the biggest jump in expectations since Dec. 2011.The expected inflation rate for the next 5 years rose to 2.6% from 2.3%, which had been the series low.
Big picture: A tight jobs market has helped fuel confidence, with an unemployment rate of just 3.6% in April. The University of Michigan points out that the gains were recorded before the trade negotiations with China collapsed. As such, the index is set up for some weaker readings ahead. “Those who held negative views about the impact of tariffs on the economy and pricing had values on the expectations index that were 25 points lower, and expected the year-ahead inflation rate to be 0.6 percentage points higher,” said Richard Curtin, the survey’s chief economist.
Market reaction: U.S. stocks DJIA, -0.32% were struggling on Friday as trade has captured the mind of the market. The yield on the 10-year Treasury TMUBMUSD10Y, +0.11% rose slightly to 2.93%. Steve Goldstein Steve Goldstein is MarketWatch's Washington bureau chief. Follow him on Twitter @MKTWgoldstein.
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