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U.S. consumer sentiment bounces back in early May

Xinhua, May 14, 2016 Adjust font size:

U.S. consumer sentiment rebounded in May, ending a four straight fall as consumers expected wages to rise.

The preliminary reading of the consumer sentiment for May rose to 95.8 from 89 in April, said the Thomson Reuters/University of Michigan index of consumer sentiment on Friday.

"Consumer sentiment rebounded in early May due to more frequent income gains, an improved jobs outlook, and the expectation of lower inflation and interest rates," said survey director Richard Curtin.

"Nearly all of the gains were in the expectations index, which rose to its highest level in nearly a year," said Curtin.

The sub-index gauging consumer expectations for six months from now, which more closely projects the direction of consumer spending, jumped to 87.5 from 77.6 in April.

The sub-index of current conditions, reflecting Americans' perceptions of their financial situation and whether they consider it a good time to buy big-ticket items like cars, added to 108.6 from 106.7 last month. Enditem