US Consumer Sentiment in May Falls to an Almost 10-year Low

The final May edition of the University of Michigan’s Sentiment Survey, which was released on May 27, delivered even worse results than the preliminary May data with a further drop in consumer sentiment.The index fell from 65.2 in April to 59.1 in the initial May report to 58.4 in the final—the lowest level since August 2011—as consumers express more economic pessimism due to rising prices.
The final reading confirmed the early reports showing a decline in consumer sentiment in May, falling 10.4 percent from April and moving back down below March’s reading of 59.4.
The current condition index fell to a 13-year low of 63.3 in May from 69.4 in April, while future expectations dropped to 55.2 from 62.5 in the previous month, respectively.
The plunge in the buying condition index for May was led by home buyers and durable goods, due to in …

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