The Consumer Sentiment Index in the United States declined 10.5% in May compared to April's prior figure of 77.2 to stand at 69.1, the final report posted by the University of Michigan showed on Friday. Year on year, the figure surged by 17.1%.
The Current Economic Conditions Index tumbled 11.9% in the reported period compared to April but rose 6.9% from May 2023, amounting to 69.6 points. The Index of Consumer Expectations decreased by 9.5% on a monthly basis but grew 24.9% on a yearly basis, coming in at 68.8.
"Year-ahead inflation expectations edged up from 3.2% last month to 3.3% this month, remaining above the 2.3-3.0% range seen in the two years prior to the pandemic. Long-run inflation expectations held steady at 3.0% for the second straight month,” it was specified in the report.
