The University of Michigan’s preliminary May Index of Consumer Sentiment has tallied in at 50.8, falling from 52.2 in April and below the expectation for 53.4. Nearly three-quarters of surveyed consumers mentioned tariffs, up from 60% in April. In addition, consumer evaluations of personal finance fell by 10% on weakening income concerns.
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Consumer Sentiment Drops Below Expectations
The consumer sentiment survey was conducted between April 22 and May 13 while the U.S. announced its China tariff reduction pause on May 11.
“The initial reaction so far echoes the very minor increase in sentiment seen after the April 9 partial pause on tariffs, despite which sentiment continued its downward trend,” said Surveys of Consumers Director Joanne Hsu.
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