The University of Michigan reported that the U.S. consumer confidence index for May dropped to a record low of 44.8. This decline reflects growing concerns over inflation, with consumers expecting annual price growth of 3.9% over the next five to ten years, up from 3.5% in April. Additionally, prices are anticipated to rise by 4.8% over the next year. Gas prices, nearing their highest levels since 2022, are exacerbating worries about the cost of living.
Survey director Joanne Hsu highlighted that 57% of respondents feel high prices are negatively impacting their financial situation, an increase from 50% last month. The data suggests that consumers are increasingly worried about the potential for inflation to persist and spread over the long term.
U.S. Consumer Confidence Index Plummets to Record Low in May
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