Drop in sentiment slows following four months of sharp declines.
Consumer sentiment was essentially unchanged in mid-May according to the University of Michigan Survey of Consumers, inching down just 1.4 index points following four consecutive months of steep declines. Sentiment is now down almost 30% since January and is near the low in June 2022 when inflation peaked.
The most recent low on the sentiment index was 50.0 in June 2022, the same month the U.S. consumer price index (CPI) hit a high of 9.1% above the previous year. The consumer sentiment index stands at 50.8 in mid-May, just 0.8
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