"Devastated Their Budgets"
U.S. consumer sentiment rose in May as consumers remained resilient despite record high gasoline prices, according to a poll published Friday.Devastated and speechless? Or getting used to it? Hopefully another post on this in next few days.
The Reuters/University of Michigan Surveys of Consumers said its final May reading on consumer sentiment index rose to 88.3 from 87.1 at the end of April. The preliminary May reading, released in mid-May, was 88.7.
The median forecast on the overall sentiment reading among analysts polled by Reuters was 88.0.
The survey's gauge of current consumer conditions edged up to 105.1 in May from April's final reading of 104.6, while its final measure on consumer expectations was 77.6, a shade higher than 75.9 at the end of April.
"To be sure, lower income households complained that high gas prices had devastated their budgets, but even among those vulnerable consumers their complaints were less frequent than last May when the price of gas was 34 cents (a gallon) lower," Reuters/University of Michigan said in a statement.