NEW YORK (Reuters) - Consumer sentiment rebounded in early May to the highest level in nearly six years as Americans felt better about their financial and economic prospects, particularly among upper-income households, a survey released on Friday showed. The Thomson Reuters/University of Michigan's preliminary reading on the overall index on consumer sentiment rose to 83.7 from 76.4 in April, topping economists' expectations for 78. It was the highest level since July 2007. The barometer of current economic conditions jumped to 97.5 from 89. ...

By Nick Carey and Steve Neavling (Reuters) - Michigan's biggest city is "clearly insolvent" and needs to restructure its debt and renegotiate its labor contracts to address its problems, Detroit's emergency financial manager said on Monday. Emergency Financial Manager Kevyn Orr in a report issued online presented a sweeping review of Detroit's problems, from gaping budget deficits to a crushing debt load to abandoned homes and broken streetlights. Orr, a corporate bankruptcy expert, said he still believes he can fix Detroit finances without filing for bankruptcy. ...