Consumer sentiment sours in May on renewed worries about the U.S. economy, debt ceiling
The numbers: The University of Michigan’s gauge of consumer sentiment fell to a preliminary May reading of 57.7 from an April reading of 63.5. That is the lowest level since November last year.Americans view on near-term inflation moderated slightly in May. They... The numbers: The University of Michigan’s gauge of consumer sentiment fell to a preliminary May reading of 57.7 from an April reading of 63.5. That is the lowest level since November last year.
Key details: A gauge that measures what consumers think about their financial situation — and the current health of the economy — fell to 64.5 from 68.2 in April. Big picture: Consumer spending is the engine of the economy. If households grow concerned about the outlook and pull back, it could push the economy into recession.
What UMich said: “Consumers’ worries about the economy escalated in May alongside the proliferation of negative news about the economy, including the debt crisis standoff,” the press release said. In the most serious debt-ceiling standoff in 2011 consumer sentiment plummeted to recession levels but recovered quickly when the crisis was averted.
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US: UoM Consumer Confidence Index worsens more than expected to 57.7 in May vs. 63US: UoM Consumer Confidence Index worsens more than expected to 57.7 in May vs. 63 – by MSalordFX ConsumerConfidence UnitedStates EconomicIndicator
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