Economics
U.S. Consumer Sentiment Faltered in Late May, Outlook Dimmed
- Final Michigan index for the month was below estimates
- Half of respondents see bad financial times in next five years
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U.S. consumer sentiment faltered in late May as Americans became increasingly pessimistic on the economic outlook even as business reopenings and benefit payments lifted spirits about the current situation.
The University of Michigan’s final sentiment index for the month fell to 72.3 from a preliminary reading of 73.7, according to data Friday. That compared with 71.8 at the end of April. The median estimate in a Bloomberg survey of economists called for the May final index to edge up to 74.