Updated: 13-May-22 10:16 ET
|Updated: 13-May-22 10:16 ET
- The preliminary University of Michigan Index of Consumer Sentiment for May dropped to 59.1 (Briefing.com consensus 63.5) from the final reading of 65.2 for April.
- In the same period a year ago, the index stood at 82.9.
- The Current Economic Conditions Index fell to 63.6 from 69.4. In the same period a year ago, this index was at 89.4.
- The Index of Consumer Expectations dropped to 56.3 from 62.5. In the same period a year ago, this index was at 78.8.
- The year-ahead expected inflation rate held steady at 5.4%.
- 5-year inflation expectations were unchanged at 3.0%.
- The key takeaway from the report is that the decline in sentiment was broad-based across income, age, education, geography, and political affiliation with inflation factoring prominently in consumers' assessment of their current financial situation.
| Present conditions