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Consumer Sentiment Posts Double-Digit Decline in May

May 27, 2022 by Forex Winner Leave a Comment

Consumer Sentiment Posts Double-Digit Decline in May

Source: University of Michigan

Consumer sentiment plunged by double-digits in May, dragged by the negative outlook on the economy and the inflationary uptick. QQQ is up 2.23%, while SPY is up 1.53%.

  • The Index of Consumer Sentiment stood at 58.4 in May, reflecting a 10.4% decline from 65.2 in April and a 29.6% decline from 82.9 in May 2021.
  • Survey of Consumers Director Joanne Hsu attributed the decline to negative views on current buying conditions for houses and durables and future outlook.
  • Current Economic Conditions fell to 63.3 in May, indicating an 8.8% drop from 69.4 in April and a 29.2% drop from 89.4 in May 2021.
  • The Index of Consumer Expectations stood at 55.2, 11.7% lower than 62.5 in April and 29.9% lower than 78.8 in May 2021.
  • The majority of consumers project an improvement in their financial situation in the next five years, essentially unchanged this year.
  • Persistently negative views are still likely to dominate personal factors in addressing future consumer behavior.

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