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USA: household sentiment better than estimated in May (UMich)

( - Household sentiment in the USA came in higher than initially estimated in May, according to the final results of the University of Michigan's monthly survey, published on Friday.

The confidence index finally came in at 69.1 this month, compared with 77.2 in April, which compares with an initial estimate of 67.4. Nevertheless, this is a five-month low.

The report's author, Joanne Hsu, focuses on consumers' concerns about the job market, which they see as likely to be characterized by a rise in the unemployment rate and a slowdown in wage increases in the months ahead.

The prospect of a prolonged period of high interest rates is also weighing on their plans.

"The deterioration in their expectations suggests that several factors are likely to penalize consumer spending", warns Joanne Hsu.

One-year inflation expectations stand at 3.3%, compared with 3.2% last month.

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