Consumer confidence climbed less than forecast
Consumer confidence in the U.S. climbed less than forecast in May as Americans were a little less ebullient about the economy’s prospects in the run up to the presidential election, the University of Michigan’s report showed on Friday. Final index rose to 94.7 (estimate 95.4) from 89 in April. This was down from May preliminary reading of 95.8. Current conditions index, which takes stock of Americans’ view of their personal finances, climbed to 109.9, the highest since January 2007, from 106.7.
Measure of expectations six months from now advanced to 84.9 from 77.6 in April. Consumers expect year-ahead inflation rate of 2.4 percent, lowest since September 2010 and down from 2.8 percent in April survey. Consumers see inflation over next five to 10 years at 2.5 percent rate, same as in April survey and matching the record lows in data going back almost five decades.
Euro is currently being traded few points above 1.1130 level, Sterling is around 1.4630 handle, while Aussie is at 0.7180 area.
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