The University of Michigan's Index of Consumer Sentiment slipped to 72.3 with the final reading for May (Briefing.com consensus 73.7) versus the the preliminary reading of 73.7. The final reading for April was 71.8.

The Current Economic Conditions Index dipped to 82.3 from the preliminary reading of 83.0. The final reading for April was 74.3.

The Index of Consumer Expectations fell to 65.9 from the preliminary reading of 67.7. The final reading for April was 70.1.

The key takeaway from the report is that attitudes about current conditions improved from April while sentiment surrounding the outlook continued to deteriorate, with income growth concerns weighing. The latter is apt to be a headwind for a pickup in consumer spending.