The University of Michigan survey ran counter to the most recent insights on consumer confidence, which have shown sentiment reversing course and declining again as domestic economic concerns return to the fore. An ABC News/Money Magazine survey for the week to May 11 showed a third straight drop in sentiment, while Investor's Business Daily and TechnoMetrica Market Intelligence said their monthly economic optimism index edged down 0.4% to 56.2 in May from 56.4 the prior month.
Consumer sentiment is seen as a predictor of consumer spending, which drives two-thirds of the U.S. economy.
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