Sentiment fell back about 10% in May, a departure from three consecutive months of very little change in consumer views, according to the University of Michigan Surveys of Consumers.
The Consumer Sentiment Index fell to 69.1 in the May 2024 survey, down 10.5% from 77.2 in April but 17.1% above last May’s 59.0.
Although consumers’ views about their personal finances were little changed this month, their outlook for short-run business conditions declined notably in May, said U-M economist Joanne Hsu, director of the Surveys of Consumers.
“Strength in household incomes has been the primary source of support for robust consumer
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