U.S. stocks were slightly higher Friday morning amid some mixed data on the U.S. economy. First-quarter gross domestic product (GDP) was revised to a 5.7% drop from a 6.3% decline, the May Chicago purchasing managers’ index (PMI) fell to 34.9 from 40.1 in April, and the University of Michigan’s consumer sentiment index’s final reading improved to 68.9 in May from the 67.9 preliminary reading and above the 65.1 in April.

Morgan Stanley economist Stephen Roach said Friday that “the spin game is on as the world tries to talk itself out of the worst recession since the end of World War II.”

End-of-month was trading was moderate.

On Friday at 10:10 a.m. ET, the 30-stock Dow Jones industrial average was higher by 4.22 points at 8,408.02. The large-cap Standard & Poor’s 500 index gained 1.09 points to 907.92. The tech-heavy Nasdaq composite index rose 3.55 points to 1,755.34.

Treasuries were a bit higher in price, with the yield on the 10-year note at 3.587%. The dollar was lower; sterling and the euro were up. Gold and oil futures were higher.

The first-quarter drop in real GDP was revised to 5.7% from the 6.1% reported a month ago. The revision was in line with market expectations of a 5.6% decline. There were offsetting revisions in the data, with consumer spending revised downward (because of upward revised price increases), but investment, state and local spending, and exports revised upward. The inventory change was revised to a $65.6 billion drop, which subtracted 2.3 percentage points from real GDP growth and on net accounted for almost all of the revision.

U.S. consumer sentiment rose to 68.7 in the final reading on the May Michigan consumer sentiment survey, after rising to 67.9 in the preliminary reading. That’s a better print than expected. The index was 65.1 in April and 59.8 a year ago. The current economic outlook index rose to 67.7 from the 66.2 May preliminary (it was 68.3 in April and 73.3 a year ago). The future outlook inched up to 69.4 from 69.0 (it was 63.1 in April and 51.1 a year ago). The 1-year inflation index rose to 2.8% from 2.6% in the preliminary (it was 2.8% in April, and 5.2% a year ago). The 5- to 10-year inflation index edged up to 2.9% from the 2.8% preliminary (it was 2.8% in April and 3.4% a year ago).

U.S. Chicago PMI slumped to 34.9 in May from 40.1 in April. This is a disappointment relative to expectations for a small gain. The employment index fell to 25.0 from 31.8. New orders dropped to 37.3 from 42.1. Prices paid rose to 29.8 from 28.4.

Japanese industrial output rose 5.2% in April, the biggest monthly gain since 1953, and sharply higher than the median market forecast for a 3.2% rise. The tentative recovery in the industrial sector has yet to spread to the rest of the economy, with unemployment hitting a 5-1/2-year high and the country stuck in mild deflation.