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Politics: Consumer Sentiment Sees Big Drop

POLITICS: Consumer Sentiment Sees Big Drop

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Americans are not buying Bidennomics.

The consumer sentiment index from The University of Michigan fell from 77.2 in April to 69.1 in May.

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Breitbart reported:

Americans are bracing for a cruel summer as consumer sentiment takes a significant hit, driven the impression that we cannot shake off persistent inflation and the view that the economy is not out of the woods.

The University of Michigan’s consumer sentiment index fell to 69.1 in May, a sharp decline from 77.2 in April, marking the lowest reading in five months.

Despite beating the preliminary estimate of 67.4, the final reading for May represents a significant decline from the previous month.

Expectations for inflation have edged up, with Americans now predicting a 3.3 percent increase over the next year, up from 3.2 percent in April. This is still lower than the preliminary reading of 3.5 percent, but the trend is unsettling for both consumers and policymakers.

Some economists say the number means consumers might begin to pullback spending.

Market Watch reported:

Big picture: The plunge in sentiment in May has been taken by some economists to mean that consumers are worn down by inflation and might pull back on spending. That could cause the economy to slow markedly. This view was bolstered by the flat reading in retail sales in April.

Other economists dispute this gloomy outlook, saying that consumers remain resilient and some weakness might be the “pause that refreshes.”

Federal Reserve officials are hoping that the economy cools so that inflation pressures abate.



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