On the evening of the 10th, Beijing time, a closely watched survey report released on Friday showed that despite strong signals in the economy, U.S. consumer confidence declined as inflation expectations rose.
The preliminary value of the University of Michigan\’s consumer confidence survey index in May was 67.4, down from 77.2 in April and well below the 76 average estimate of analysts surveyed by Dow Jones.
Along with the pessimistic sentiment indicators, consumers\’ one-year and five-year inflation outlook expectations rose.
The one-year inflation expectation jumped to 3.5%, an increase of 0.3 percentage points from a month ago. It reached the highest level since November 2023.
The five-year inflation expectation rose to 3.1%, an increase of only 0.1 percentage point. However, it reversed the trend of declining readings in the past few months. It also fell to the highest level in November.
University of Michigan consumer confidence index fell to 67.4 in May, far worse than expected
On the evening of the 10th, Beijing time, a closely watched survey report released on Friday showed that despite strong signals in the economy, U.S. consumer confidence declined as inflation expectations rose.
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