U of Michigan Consumer Sentiment Index Reads 79.3, Exceeds 77.6 Estimate

At 9:55am this morning, University of Michigan released Consumer Sentiment Index results of 79.3 compared to an estimated 77.6, the average of 60 estimates listed by Bloomberg.

These results followed University of Michigan's May 11 preliminary estimate of 77.8 that was the highest reading in four years. Analysts had been expecting a preliminary estimate closer to 76.

The University of Michigan Consumer Sentiment Index typically releases results on the second and fourth Fridays of each month. These results are based on phone interviews that gauge individuals perspectives on their own finances and the economy in general.

The index is considered to be a predictor of consumers' spending, to the extent that their spending is determined by their financial confidence. As an indicator of consumer spending, the index also has implications for the broader US economy.

The S&P 500 Index was trading around 0.1% higher for the day.