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US: Michigan consumer sentiment at lowest since 2011

US: Michigan consumer sentiment at lowest since 2011

US consumer confidence deteriorated more than expected in May. Consumer climate surveyed by the University of Michigan dropped 6.8 points to 58.4 points from the previous month, the university announced Friday after a second round of surveys. This is the lowest level since 2011. On average, economists expected a confirmation of the initial estimate of 59.1 points.

The family’s expectations and assessments of the current situation have significantly deteriorated. Consumer inflation expectations remained high. They expect an inflation rate of 5.3 percent over one year.

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