US: Michigan consumer confidence falls to lowest level since 2011 | news

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MICHIGAN (dpa-AFX) – US consumer sentiment deteriorated more than expected in May. The consumer climate surveyed by the University of Michigan fell by 6.1 points to 59.1 points compared to the previous month, as the university announced on Friday after a first round of surveys. This is the lowest level since 2011. On average, economists had only expected a drop to 64 points.

Household expectations and assessments of the current situation deteriorated noticeably. Consumer inflation expectations remained stable at a high level. They expect an inflation rate of 5.4 percent over a one-year horizon.

The indicator from the University of Michigan is a measure of the purchasing behavior of US consumers. It is based on a telephone survey of around 500 households. The financial and economic situation assessment and the corresponding expectations are queried./jsl/jha/

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