US consumer sentiment hits record low of 44.8 in May
US consumer sentiment hit an all-time low of 44.8 in May as gasoline prices rose. Inflation expectations climbed as high costs weighed on personal finances.
The United States consumer sentiment index fell to a record low of 44.8 in May as rising energy costs pressured household budgets. Economists had forecast the index unchanged at 48.2, making the final reading a significant miss. The data suggests that persistent price pressures are cooling domestic demand and weakening the outlook for private consumption.
### Inflation Anxiety Reaches Record Levels Surging gasoline prices drove the sentiment collapse during the month. The University of Michigan reported that 57% of consumers identified high prices as the primary factor eroding their personal finances, up from 50% in April.
