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- U.S. consumer sentiment index unexpectedly declines in early May
U.S. consumer sentiment index unexpectedly declines in early May
A report
from the University of Michigan revealed on Friday the preliminary reading for
the Reuters/Michigan index of consumer sentiment decreased 6.2 percent m-o-m to
82.8 in early May. This was the lowest reading since February.
Economists
had expected the index would increase to 90.4 this month from April’s final
reading of 88.3.
According
to the report, the index of current U.S. economic conditions fell 6.6 percent
m-o-m to 90.8 in May from 97.2 in the previous month. Meanwhile, the index of
consumer expectations dropped 6.2 percent m-o-m to 77.6 this month from 82.7 in
April.
“Consumer
confidence in early May tumbled due to higher inflation - the highest expected
year-ahead inflation rate as well as the highest long term inflation rate in
the past decade,” noted Surveys of Consumers chief economist, Richard Curtin. “Rising
inflation also meant that real income expectations were the weakest in five
years,” he added.
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