Consumer sentiment in May at post-recession high

WASHINGTON (MarketWatch) 

Consumer sentiment edged higher in May to the best reading since the recession, as declining gasoline prices appear to have offset slowing job-markets growth
A drop in gasoline prices drag producer prices down by the most in six months; energy prices tumbled 1.4% due to a reversal of a recent spike in oil prices as well as softer natural-gas prices The preliminary reading of the University of Michigan-Thomson Reuters index rose to 77.8 from 76.4 in April

That’s the best reading since January 2008 — just one month after the recession started

The current economic conditions index jumped to 87.3, the best reading since January 2008, from 82.9 in April
The index of consumer expectations actually fell, falling to 71.7 from 72.3 in April
That picture could be explained by the combination of falling gasoline prices, which impact the current situation, and April’s report of slowing jobs growth, which could be weighing on expectations
“That is good news, and is thematically consistent with the view that the softening in recent labor data has more to do with seasonal pay back than a shift lower in underlying job demand,” said Eric Green of TD Securities.
Labor Department said producer prices dropped 0.2% in April due to falling gasoline prices