US Consumer Sentiment Drops in May

29 May 2015 | Author: | No comments yet »

Consumer sentiment drops to six-month low in May.

WASHINGTON (MarketWatch) — In a negative sign for an economy that contracted in the first quarter, data released Friday showed that consumer sentiment dropped in May to a six-month low. Economists polled by Dow Jones Newswires had expected a final May level of 89.5, compared with a preliminary estimate of 88.6. “Consumer optimism retreated in May as consumers adopted more modest prospects for a rebound following the economy’s dismal 1st quarter performance,” according to the University of Michigan. Government Accountability Office, investigators for Congress, recently reported that contingent workers, those without permanent jobs, have seen their share of the total labor force grow in recent years. Gas prices have been increasing since early this year, rebounding from 2014’s large drop. “Price perceptions for a wide range of goods have grown less positive despite low overall inflation,” said Richard Curtin, chief economist for the sentiment survey.

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