The Reuters/University of Michigan consumer sentiment index for May rose to 77.8, up from 76.4 in April and the best index reading since January 2008. A MarketWatch poll of economists expected a reading of 76.
The fall in gasoline pump prices has surely had the most impact on the better reading, while consumers appear to discount the relatively weak reports on employment as a seasonal dip rather than a new downward trend. The rise in consumer sentiment is mirrored in today’s release of the producer price index, which fell -0.2% in April, led by a -1.4% drop in oil prices (more coverage here).
The good reports on inflation and consumer sentiment have pulled US equities out of the doldrums where they began the day. The DJIA is up 0.13%, the Nasdaq composite is up 0.64%, and the S&P 500 is up 0.16% after starting today’s trading session about -0.5% below yesterday’s close.
Cash Back Credit Cards Have Never Been This Good
Credit card companies are at war, handing out free rewards and benefits to win the best customers. A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges. See our top picks for the best credit cards today. You won’t want to miss some of these offers.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.