Preliminary Michigan Consumer Sentiment Rise to 77.80 - 11.5.2012

The University of Michigan Consumer Sentiment Preliminary Index increases to 77.80 in May, from 76.4 the previous month and higher than anticipated. It was expected to drop to 76.0 however it was reported much better than expectations. The index started rising in August 11 from the low at 55.90 and has reached in May to its highest in the last year. The falling prices in energy is supporting the consumers sentiment to stay upbeat which further helps labor market and economic recovery to keep in track.