U.S. consumer sentiment falls to lowest in more than a decade
BNN Bloomberg
U.S. consumer sentiment declined in early May to the lowest since 2011 as persistent concerns over inflation dimmed Americans’ views on the economy.
The University of Michigan’s sentiment index fell to 59.1 from 65.2 in April, data released Friday showed. The figure was lower than all estimates in a Bloomberg survey of economists, which called for a median reading of 64.
A gauge of current conditions dropped to 63.6, the lowest in 13 years, while a measure of future expectations declined 6.2 points, erasing most of April’s gains.
Consumers expect prices to rise 5.4 per cent over the next year, holding at a four-decade high for the third month in a row. They expect prices will rise at an annual rate of 3 per cent over the next five to 10 years, also unchanged from April.
