The University of Michigan’s Surveys of Consumers shows U.S. consumer sentiment slipping to a record low in May. The Index of Consumer Sentiment drops to a final reading of 44.8, falling 5 points from April’s final reading of 49.8 and down 7.4 points compared with the prior period referenced by the survey results. Multiple outlets attribute the decline to heightened uncertainty tied to the conflict with Iran, which increases anxiety about the broader economy. Concerns expressed in the survey also center on inflation pressures, with higher gas prices cited as a contributing factor. Overall, the reports describe a sharp deterioration in household sentiment within a single month, reflecting more pessimistic views of current conditions and expectations. The University of Michigan survey provides the latest monthly measure of consumer attitudes, indicating that Americans’ outlook worsens as geopolitical tensions appear to translate into economic and price concerns. The outlets’ accounts are aligned on the direction of change, the index level, and the broad drivers—an Iran-related increase in uncertainty and the cost impact reflected in gas prices.
U.S. consumer sentiment falls to record low amid Iran-related economic worries
The University of Michigan’s Surveys of Consumers shows U.S. consumer sentiment slipping to a record low in May. The Index of Consumer Sentiment drops to a final reading of 44.8, falling 5 points from...
- U.S. consumer sentiment reaches a record low in May, according to the University of Michigan’s Surveys of Consumers.
- The Index of Consumer Sentiment falls to a final reading of 44.8 in May.
- The index declines by 5 points from April’s final reading of 49.8.
- Reporting links the drop to anxiety about the economy amid the conflict with Iran.
- Higher gas prices are cited as a factor tied to inflation worries.
High gas prices drove consumer sentiment down to a new low in May. The University of Michigan’s Index of Consumer Sentiment dropped by five points during the month, to 44.8, according to the Surveys of Consumers’ final results for May. The reading came a month after the 49.8 reading reported in April marked what […] The post Consumer Sentiment Collapses as Iran Conflict Fuels Inflation Fears appeared first on PYMNTS.com.
3 months agoU.S. consumer sentiment fell to a record low this month as the conflict with Iran spurs anxiety about the economy, according to the University of Michigan’s Surveys of Consumers. The university’s Index of Consumer Sentiment slipped to a final reading of 44.8 in May, a 5-point decrease from April and a 7.4-point drop from this...
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