Consumers cast a hopeful eye to the future, says Reuters/University of Michigan

Consumers are becoming more optimistic about the economy recovery, according to the preliminary results from the Reuters/University of Michigan Surveys of Consumers, released today. The Consumer Sentiment Index rose to 67.9 through May 14, up from 65.1 in April. The Index of Consumer Expectations, which measures consumers’ projections for the next six months, rose to 69 in May, from 63.1 in April. The view of current economic conditions, however, declined somewhat, with the index dropping to 66.2 as of May 14, down from 68.3 in April. The monthly survey includes responses from about 300 households. Reuters is based in New York, and the University of Michigan is based in Ann Arbor.