US Consumer Sentiment in May Falls to an Almost 10-year Low

Gasoline prices are posted at a gas station in Washington, on May 26, 2022. Nicholas Kamm/AFP via Getty Images

The final May edition of the University of Michigan’s Sentiment Survey, which was released on May 27, delivered even worse results than the preliminary May data with a further drop in consumer sentiment.

The index fell from 65.2 in April to 59.1 in the initial May report to 58.4 in the final—the lowest level since August 2011—as consumers express more economic pessimism due to rising prices.