US consumer confidence improves a little in May, University of Michigan says
Consumer sentiment in the States improved unexpectedly at the start of May as the first government financial support reached Americans and companies boosted discounts.
The University of Michigan's consumer confidence index improved from an April reading of 71.8 to 73.7.
Economists had anticipated a further dip to 67.5 instead.
Nevertheless, a gauge of financial prospects for the year ahead plumbed its lowest level in six years - with higher income households especially downbeat.
Surprisingly, according to survey director, Richard Curtin, median expectations for inflation ovex the next 12 months rose sharply, albeit with big disparities by ages and income groups.
As well, while the sub-index tracking current overall conditions improved from 74.3 to 83.0, that for expectations fell from 70.1 to 67.7.
Curtin also pointed out that Americans' top concern about the pandemic had shifted from the health risks to the "required social isolation" and not to the impact on their finances.
"Surprisingly, it was greater concerns about social isolation that increased, cited as the top concern by 21% in May up from 14% in April.
"While these shifts were quite small, they indicate the growing costs of social isolation and its potential to shift opinions about reopening the economy."