Consumer sentiment mired at 10-year low amid persistent inflation, UMich survey finds

The numbers: The University of Michigan’s gauge of consumer sentiment fell to a final May reading of 58.4 from the initial reading of 59.1 earlier in the month, its lowest level in more than 10 years.Americans’ expectations for overall inflation over the... The numbers: The University of Michigan’s gauge of consumer sentiment fell to a final May reading of 58.4 from the initial reading of 59.1 earlier in the month, its lowest level in more than 10 years.

A key measure of U.S. inflation released Friday showed prices for a typical basket of consumer goods rising 6.3% year-over-year in April, down from a 40-year high of 6.6% in March. “Looking into the long term, a majority of consumers expected their financial situation to improve over the next five years; this share is essentially unchanged during 2022,” she added. “A stable outlook for personal finances may currently support consumer spending. Still, persistently negative views of the economy may come to dominate personal factors in influencing consumer behavior in the future.

Source: Education Headlines (educationheadlines.net)

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