US consumer sentiment drops to record low amid inflation
Sentiment fell to a record low of 44.8 in May as the Iran war drove gasoline prices higher. Households reported deep concern over the increased cost of living.
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United States consumer sentiment fell to a record low of 44.8 in May based on the University of Michigan's Surveys of Consumers as gasoline prices surged more than 50% during the conflict with Iran. The index dropped from 48.2 earlier this month, missing Reuters-polled economist forecasts for an unchanged reading. Rising inflation expectations suggest the Federal Reserve will maintain interest rates between 3.50% and 3.75% through the year.
