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US consumer sentiment in May dove to its lowest level in six months, according to preliminary results from the University of Michigan's consumer survey released Friday.
The index of consumer sentiment plummeted 9.8 points to 67.4 in May, from 77.2 in April.
The market expectation for the index was to come in at 76.0.
"While consumers had been reserving judgment for the past few months, they now perceive negative developments on a number of dimensions," Surveys of Consumers Director Joanne Hsu said in a statement. "They expressed worries that inflation, unemployment and interest rates may all be moving in an unfavorable direction in the year ahead."
Year-ahead inflation expectations rose from 3.2% last month to 3.5% this month, still remaining above the 2.3-3.0% range seen in the two years prior to the coronavirus pandemic, according to the report.
That figure eased to 2.9% in January, when it had marked its lowest reading since December 2020. -
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