US consumer sentiment drops to near record low in May on inflation worries, tariff uncertainty
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Original Coverage: US consumer sentiment drops to near record low in May on inflation worries, tariff uncertainty
The University of Michigan Surveys of Consumers released its Consumer Sentiment Index, which dropped to 50.8 in a preliminary reading in May. Economists polled by Reuters had projected the index would rise to 53.4. The latest figures leave the consumer sentiment reading down 30% since January 2025 after five months of declines. The survey closed two days after Trump announced a deal with China to temporarily reduce tariffs for 90 days and cut levies on Chinese goods from 145% to 30%. The temporary tariff relief is intended to give time for negotiations on a longer-term deal.
Source: Foxbusiness.com | Read full article
U.S. consumer sentiment falls close to record low on inflation
The preliminary May sentiment index declined to 50.8 from 52.2 a month earlier. That was lower than all but one estimate in a Bloomberg survey of economists. Nearly three-fourths of respondents spontaneously mentioned tariffs, indicating trade policy continues to dominate consumers’ views of the economy. The topic crosses partisan lines, including a notable share of Republicans bringing it up. The survey was conducted between April 22 and May 13, a period that ended just after the U.S. and China agreed to temporarily reduce tariffs.
Source: Spokesman.com | Read full article
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Source: https://www.foxbusiness.com/economy/us-consumer-sentiment-drops-near-record-low-may-inflation-worries-tariff-uncertainty