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May 10, 2024
United States (U.S.): Consumer Sentiment Tumbles to Six-Month Low in May
A report released by the University of Michigan showed a substantial deterioration in U.S. consumer sentiment in May. The consumer sentiment index plunged to 67.4 in May from 77.2 in April. Economists had expected the index to edge to 76.0. With the steeper drop, the consumer sentiment index tumbled to its lowest level since hitting 61.3 last November. The sharp decline by the headline index came as the current economic conditions index dove to 68.8 in May from 79.0 in April, while the index of consumer expectations slumped to 66.5 in May from 76.0 in April. The report also showed a notable increase in year-ahead inflation expectations, which jumped to 3.5% in May from 3.2% in April. With the sharp increase, year-ahead inflation expectations reached their highest level since hitting 4.5% last November. Long-run inflation expectations also increased to 3.1% in May from 3.0% in April, remaining elevated relative to the 2.2-2.6% range seen two years pre-pandemic. 05/10/2024 - 10:28:00 (RTTNews)
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