By Joshua Kirby
U.S. consumer sentiment ticked lower this month as concerns around inflation linger.
The final reading of the University of Michigan's consumer sentiment index was 69.1 in May, down from 77.2 in April, according to the survey released Friday.
The reading was a little higher than economists' expectations and the mid-month estimate. But consumers set out a more pessimistic view of current conditions and the coming months.
"This...decrease is statistically significant," survey director Joanne Hsu said. "Deteriorating expectations suggest that multiple factors pose downside risk for consumer spending."
Expectations for inflation edged up from a month earlier, staying above the average booked before the Covid-19 pandemic.
Inflation in April stood at 3.4%, the first time in months it hasn't come in higher than expected, but remains too strong for the Federal Reserve's liking.
Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby
(END) Dow Jones Newswires
05-24-24 1034ET
