FOREX TradingCharts.com

Financial News: U.S. Consumer Sentiment Slumps Much More Than Expected

U.S. Consumer Sentiment Slumps Much More Than Expected In May

05/13/2022 - 10:21:00 (RTTNews)

(RTTNews) - Reflecting broad based declines, the University of Michigan released a preliminary report on Friday showing U.S. consumer sentiment has deteriorated by much more than expected in the month of May.

The report showed the consumer sentiment index tumbled to 59.1 in May from 65.2 in April. Economists had expected the index to edge down to 64.0.

With the much bigger than expected decrease, the consumer sentiment index slumped to its lowest level since hitting 55.8 in August of 2011.

"These declines were broad based--for current economic conditions as well as consumer expectations, and visible across income, age, education, geography, and political affiliation--continuing the general downward trend in sentiment over the past year," said new Surveys of Consumers Director Joanne Hsu.

The report showed the current economic conditions index slid to 63.6 in May from 69.4 in April, dropping to its lowest level since hitting 63.3 in March of 2009. The index of consumer expectations also tumbled to 56.3 in May from 62.5 in April.

With regard to inflation, one-year and five-year inflation expectations remained unchanged at 5.4 percent and 3.0 percent, respectively.

"The median expected year-ahead inflation rate was 5.4%, little changed over the last three months, and up from 4.6% in May 2021," said Hsu. "The mean was considerably higher at 7.4%, reflecting substantial variation in price changes across types of goods and services, and in household spending patterns."

She added, "At the same time, long term inflation expectations remain well-anchored with a median of 3.0%, settling within the 2.9 to 3.1% range seen over the last 10 months."

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2022 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Poland Industrial Production Rises Less Than Expected, Producer Price Inflation Accelerates (50 min(s), 43 sec(s) ago)
(RTTNews) - Poland's industrial production grew less than expected in April, data from Statist ...Full Story»

Taiwan Export Orders Fall Unexpectedly In April (17 min(s), 43 sec(s) ago)
(RTTNews) - Taiwan's export orders declined unexpectedly in April, data from the Ministry of E ...Full Story»

Poland Average Gross Wages Increase More Than Expected (18 min(s), 43 sec(s) ago)
(RTTNews) - Poland's average gross wages increased more than expected in April, data from Stat ...Full Story»

UK Retail Sales Unexpectedly Rise Despite High Cost Of Living (36 min(s), 43 sec(s) ago)
(RTTNews) - UK retail sales grew unexpectedly in April despite consumer confidence sliding to a re ...Full Story»

Turkish Consumer Confidence Improves In May (17 min(s), 43 sec(s) ago)
(RTTNews) - Turkey's consumer confidence increased slightly in May, after falling sharply in t ...Full Story»

Swiss Industrial Production Increases In Q1 (10 min(s), 43 sec(s) ago)
(RTTNews) - Switzerland's industrial production rose in the first quarter of 2022, while const ...Full Story»

Denmark Consumer Confidence Lowest On Record (05 min(s), 43 sec(s) ago)
(RTTNews) - Denmark's consumer confidence weakened to the lowest level ever recorded in May am ...Full Story»

China Cuts Lending Rates To Cushion Property Market (14 min(s), 17 sec(s) ago)
(RTTNews) - China's central bank unexpectedly lowered its lending rates for long-term loans, a ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Poland Industrial Production Rises Less Than Expected, Producer Price Inflation Accelerates

05/20/2022 - 10:25 AM (RTTNews)
(RTTNews) - Poland's industrial production grew less than expected in April, data from Statist ...Full Story>>

Poland Average Gross Wages Increase More Than Expected

05/20/2022 - 08:53 AM (RTTNews)
(RTTNews) - Poland's average gross wages increased more than expected in April, data from Stat ...Full Story>>

Taiwan Export Orders Fall Unexpectedly In April

05/20/2022 - 08:52 AM (RTTNews)
(RTTNews) - Taiwan's export orders declined unexpectedly in April, data from the Ministry of E ...Full Story>>

UK Retail Sales Unexpectedly Rise Despite High Cost Of Living

05/20/2022 - 04:11 AM (RTTNews)
(RTTNews) - UK retail sales grew unexpectedly in April despite consumer confidence sliding to a re ...Full Story>>

Turkish Consumer Confidence Improves In May

05/20/2022 - 03:52 AM (RTTNews)
(RTTNews) - Turkey's consumer confidence increased slightly in May, after falling sharply in t ...Full Story>>

Do not sell my personal information

Copyright © 2022. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.