Consumer sentiment in the U.S. has unexpectedly continued to deteriorate in the month of May, according to preliminary data released by the University of Michigan on Friday.
The University of Michigan said its consumer sentiment index dipped to 50.8 in May after slumping to 52.2 in April.
With the unexpected decrease, the consumer sentiment index has fallen to its lowest level since hitting 50.0 in June 2022.
The unexpected dip by the headline index came as the current economic conditions index fell to 57.6 in May from 59.8 in April, while the index of consumer expectations edged down to 46.5 in May from 47.3 in April.
The report also said year-ahead inflation expectations surged to 7.3 percent in May from 6.5 percent in April, reaching the highest level since a matching figure in November 1981.
Long-run inflation expectations also climbed to 4.6 percent in May from 4.4 percent in April, reflecting a particularly large monthly jump among Republicans.