US consumer sentiment falls in May amid concerns about economy

US consumer sentiment falls in May amid concerns about economy

Sentiment tumbles 9%, erasing over half of gains achieved after all-time historic low from last June, says University of Michigan's survey

By Ovunc Kutlu

ISTANBUL (AA) – US consumer sentiment declined in May amid concerns about the economy, according to the University of Michigan's consumer survey preliminary results released Friday.

The index of consumer sentiment fell 5.8 percentage points to 57.7, from 63.5 in April. The market expectation for the index was to come in at 63.0.

"Consumer sentiment tumbled 9% amid renewed concerns about the trajectory of the economy, erasing over half of the gains achieved after the all-time historic low from last June," Surveys of Consumers Director Joanne Hsu said in a statement.

"While current incoming macroeconomic data show no sign of recession, consumers’ worries about the economy escalated in May alongside the proliferation of negative news about the economy, including the debt crisis standoff," she added.

Year-ahead inflation expectations, however, slightly fell to 4.5% in May, after climbing to 4.6% in April.

"After two years of relative stability, long-run inflation expectations rose to their highest reading since 2011, lifting from 3.0% last month to 3.2% this month," said Hsu.

The index of current economic conditions decreased 3.7 points to 64.5 in May, from 68.2 in April, according to the survey results.

The index of consumer expectations plummeted 7.1 points to 53.4 from 60.5 during that period.

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