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.
“This latest decline is largely due to continued negative sentiment regarding current home and durable buying conditions,” said Joan Hsu, director of the survey. High inflation weakens the outlook for economic development.
The index from the University of Michigan is a measure of the purchasing behavior of American consumers. It is based on a telephone survey of about 500 households. The assessment of the financial and economic situation and the corresponding expectations are queried.
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