2012.05.25 16:04:14 End-May Reuters/Univ Mich Sentiment Up To 79.3 From Early-May 77.8

NEW YORK (Dow Jones)--U.S. consumers ended May feeling the most upbeat about the economy since late 2007, according to data released Friday. The Thomson Reuters/University of Michigan consumer sentiment index increased to 79.3 in its final-May reading from 77.8 earlier in the month and 76.4 at the end of April, according to an economist who has seen the report. Economists surveyed by Dow Jones Newswires had expected the final May index to be unchanged at 77.8. The sentiment index is the highest since October 2007 before the last recession. The current conditions index was little changed at 87.2 from the preliminary reading of 87.3, while the expectations index increased to 74.3 from 71.7. With gasoline prices slipping, consumers have lowered slightly their price expectations. Within the Michigan survey, the one-year inflation expectations reading slowed to 3.0% in late May from 3.1% in early May and 3.2% in late April. The inflation expectations covering the next five to 10 years fell to 2.7% from 3.0% in early May. -By Kathleen Madigan, Dow Jones Newswires; 212-416-2466; kathleen.madigan@dowjones.com (END) Dow Jones Newswires May 25, 2012 10:04 ET (14:04 GMT)