02:37 PM EDT, 05/10/2024 (MT Newswires) -- The preliminary Michigan Sentiment index fell to 67.4 in May from 77.2 in April, with consumers' assessment of current conditions and the near-term outlook both lower.

Michigan said that inflation expectations rose to their highest point since November 2023 and there were heightened concerns about unemployment and interest rates in the year ahead.

The US Treasury reported a $209.53 billion budget surplus in April, larger than the $176.18 billion budget surplus reported in April 2023 due to larger receipts that were partially offset by larger outlays.

The St. Louis Fed's GDP initial nowcast estimate for Q2 is for a 2.37% gain.