Consumer sentiment 79.3 in May vs 76.4 in April

WASHINGTON (MarketWatch)
The final reading of the University of Michigan-Thomson Reuters consumer sentiment index climbed to 79.3 in May - the highest level since October 2007 - from 76.4 in April, according to Friday reports
Economists polled by MarketWatch had expected a final May reading of 77.8 - matching the preliminary estimate
The index averaged about 87 in the year before the recession
Opposing forces are impacting consumers: declining gas prices and slowing job gains
The sentiment gauge, which covers how consumers view their personal finances as well as business and buying conditions, is used by economists to get a feel for the direction of consumer spending