The hits keep coming !
U.S. consumer sentiment slumped in early May as Americans grew increasingly concerned about rising prices.
The University of Michigan’s preliminary sentiment index fell to 82.8 in May from 88.3 the prior month, data released Friday showed. The figure was well below even the most pessimistic estimate in a Bloomberg survey of economists.
Americans are becoming increasingly concerned about the cost of goods rising as expectations for inflation over the next year rose to 4.6% in the month, the highest in a decade, Friday’s data show. Last month, consumers expected inflation to rise 3.4% in the year ahead.