Economics
Consumer Sentiment in U.S. Deteriorates on Inflation Concerns
- University of Michigan gauge dropped to 82.9 in May from April
- Year-ahead inflation rate seen at 4.6%, highest in a decade
People carry shopping bags while walking along the Las Vegas Strip.
Photographer: Roger Kisby/BloombergThis article is for subscribers only.
U.S. consumer sentiment weakened in May from a month earlier as inflation concerns picked up.
The University of Michigan’s final sentiment index dropped to 82.9 during the month from 88.3 in April, data released Friday showed. The figure was little changed from the preliminary reading and in line with the median estimate in a Bloomberg survey of economists.