U.S. consumer confidence fell for the month of May as Americans deal with high inflation rates, according to the latest data from the University of Michigan’s survey of consumer sentiment.
The index of consumer sentiment fell to 59.1 in May, down 9.4 percent from the previous month’s index value of 65.2, according to the preliminary results of the survey. When compared to May 2021, the index was down by 28.7 percent. The May 2022 reading is the lowest since 2013.
According to Joanne Hsu, the survey director, inflation remained at the “forefront” of consumers’ thoughts, with respondents mentioning it throughout the survey; whether it was questions regarding personal financial situations, buying conditions, or their outlook on the economy.
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