Consumer Sentiment Index For May Revised Up To 59.8, Friday, May 30, 2008 11:06:19 AM

Consumer sentiment in the month of May was unexpectedly revised upwards from a previous reading, according to a report released by Reuters and the University of Michigan on Friday, although the consumer sentiment index was still at a nearly 28-year low.

The report showed that the Reuters/University of Michigan consumer sentiment index for May was revised up to 59.8 from the previously reported reading of 59.5. The upward revision came as a surprise to economists, who had expected the index to be unrevised.

Despite the upward revision, however, the index remained well below the final April reading of 62.6 and was the lowest reading since hitting 58.7 in June of 1980.

Additionally, the report showed that the consumer expectations index fell to 51.5 in May from 53.3 in April, while the current index slipped to 73.3 from 77.0 in the previous month.

Reuters and the University of Michigan also said that the one-year inflation expectations index jumped to 5.2 percent in May from 4.8 percent in April. With the increase, the index rose to its highest level since February of 1982.