U.S. consumer sentiment approaches 11-year low, monthly import prices unchanged

People refuel their vehicles with gasoline at a Shell gas station in Los Angeles, California, U.S., March 10, 2022. REUTERS/Bing GuanConsumer sentiment index falls 9.4% to 59.1 in MayWASHINGTON, May 13 - U.S. consumer sentiment slumped to its lowest level in nearly 11 years in early May as worries about inflation persisted, but household spending remains underpinned by a strong labor market and massive savings, which should keep the economy expanding.

The University of Michigan's preliminary consumer sentiment index tumbled 9.4% to 59.1 early this month, the lowest reading since August 2011. Economists polled by Reuters had forecast the index dipping to 64. The sharp decline is in stark contrast with the Conference Board's consumer confidence survey, whose index remains well above the COVID-19 pandemic lows.

Consumers viewed buying conditions for long-lasting manufactured goods as the worst since the survey started tracking the series in 1978. Economists were unfazed, noting that consumers were sitting on at least $2 trillion in excess savings accumulated during the pandemic. Economists had forecast import prices, which exclude tariffs, would climb 0.6%. In the 12 months through April, import prices rose 12.0% after accelerating 13.0% in the year through March.

Annual inflation rates are expected to continue edging lower, though likely to stay above the Fed's 2% target.

If people would wake the hell up and pay attention to the damage corporations are doing to this c po country, we could fix this. No issue with a comp. Making profit per say, but the obserdity of the current status is mind blowing

A roaring economy stokes inflation....prefer inflation to a Great Recession like 2008.

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