Consumer sentiment stabilizes in May

Consumer sentiment rose to a final May reading of 72.3 from a final April level of 71.8, according to reports on the University of Michigan gauge released Friday. A preliminary April reading estimated sentiment at 73.7, and economists polled by MarketWatch had expected no change in the final reading. Economists follow readings on confidence to look for clues about consumer spending, the backbone of the economy. For context, the consumer-sentiment gauge stood at 101 in February just as the coronavirus was starting to spread.