University of Michigan Consumer Sentiment Hits Record-Low 44.8, Missing Forecasts
The University of Michigan’s final May consumer sentiment index fell 5 points from April to 44.8, a new record low and weaker than all projections in a Bloomberg survey of economists. The current conditions gauge dropped to 45.8 and the expectations index fell to 44.1, both also record lows.
The reading was lower than recessionary troughs in data going back to 1978. The survey also showed 57% of consumers spontaneously mentioning that high prices were eroding their personal finances, up from 50% in April, with gasoline prices hovering above $4.50 a gallon.
From the sources (3 posts)
@globalmktobserv🚨US CONSUMER SENTIMENT IS AT DEPRESSION LEVELS: The University of Michigan Consumer Sentiment Index fell to a record low of 44.8 in May, down -5 points from April. The current conditions gauge dropped to 45.8, and the expectations index f
@pugetsoundefThe University of Michigan’s final May sentiment index decreased 5 points to 44.8 from April, according to the survey released Friday. That’s the latest in a series of record lows and weaker than all projections in a Bloomberg survey of eco
@kylegriffin1The University of Michigan's consumer sentiment index fell sharply to a new all-time low in May, at 44.8, from 49.8 in April. It plunged to levels not seen in data collected consistently since the late 1970s.