U.S. ECONOMICS: Consumer Sentiment Slips as Current Conditions Deteriorate
U.S. consumer sentiment fell 2.2 points to 81.9 in the final May reading from the University of Michigan survey. That shaves off about half of the 4.1 point increase in April to 84.1, and it's little changed versus the preliminary May reading of 81.8. Most of the weakness was in the current conditions index which fell to 94.5 from April's 98.7 (May preliminary of 95.1).
The outlook index slipped to 73.7 versus 74.7 in April (73.2 for May preliminary). The 1-year inflation index rose to a 3.3% pace compared to the 3.2% rate registered since February. The 5-year inflation gauge slowed to 2.8% from 2.9% since January (2.8% May preliminary).
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