The final reading for the University of Michigan Consumer Sentiment Index for May dropped to 44.8 (consensus: 48.2) from the preliminary reading of 48.2, marking a new historic low. The final reading for April was 49.8. In the same period a year ago, the index stood at 52.2.
The key takeaway from the report is that consumers are clearly concerned about rising costs and their ability to out-earn inflation, which they are concerned will increase beyond fuel prices.
The April leading Economic Index checked in at 0.1% (consensus -0.3%), from the prior reading of -0.6%.