by Calculated Risk on 5/11/2012 10:00:00 AM

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The preliminary Reuters / University of Michigan consumer sentiment index for May increased to 77.8, up from the April reading of 76.4.

This was above the consensus forecast of 76.2 and the highest level since January 2008. Overall sentiment is still fairly weak - probably due to a combination of the high unemployment rate, high gasoline prices and the sluggish economy.