Highlights

The University of Michigan Consumer Sentiment Index was revised up to 76.4 from 72.3 in the final reading for the April report. That is still down from 78.6 in March and the weakest reading since January. The Briefing.com consensus expected the sentiment index would be essentially unchanged at 72.4.

Key Factors

The Present Conditions Index was revised up to 89.9 from 84.9 in the preliminary April reading, which is only modestly lower than the 90.7 recorded in March.
The Expectations Index was revised up to 67.8 in the final reading for April from 64.2. The Expectations Index was at 70.8 in March.
Sentiment typically follows changes in equity prices, employment, gasoline costs, and trends in the media.
The recent strengthening in the stock market coupled with lower gasoline costs likely caused the index to be revised higher at the end of the month.
The upward revision to consumer sentiment will likely have no effect on consumption trends. Consumption relies on income growth and changes in employment will dictate how consumers decide to spend.

Consumer sentiment has little influence on consumption. As long as payroll levels continue to expand, the resulting income growth should keep consumption gains steady.

Category	APR	MAR	FEB	JAN	DEC
Sentiment	76.4	78.6	77.6	73.8	72.9
Outlook	67.8	70.8	70.2	66.6	63.8
Present conditions	89.9	90.7	89.0	85.0	87.1