(CercleFinance.com) – American household morale fell in May to its lowest level in six months, show preliminary figures from the University of Michigan survey released this Friday.
The consumer sentiment index fell to 67.4 this month from 77.2 in April, while analysts had forecast a much smaller decline, around 76.2.
According to Joanne Hsu, the report’s author, consumers are now negative about a range of developments.
‘They are expressing concern about inflation, unemployment and interest rates, all of which they believe could move in the wrong direction over the coming year,’ she said.
In detail, the component of current conditions fell to 68.8 against 79 last month, while that of expectations stood at 66.5 after 76 in April.
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