University of Michigan's Index of Consumer Sentiment posts final May reading of 58.4, down from April's 65.2; decline in optimism driven by continued negative views on current buying conditions for houses and durables, economic outlook

Sample article from our Consumer Wellness

May 31, 2022 (press release) –

Final Results for May 2022

                                                        May     Apr     May      M-M         Y-Y
                                                       2022   2022   2021   Change   Change
Index of Consumer Sentiment        58.4    65.2    82.9    -10.4%    -29.6%
Current Economic Conditions         63.3    69.4    89.4      -8.8%    -29.2%
Index of Consumer Expectations    55.2    62.5    78.8    -11.7%    -29.9%

Next data release: Friday, June 10, 2022 for Preliminary June data at 10am ET

Surveys of Consumers Marks Leadership Change

Surveys of Consumers Director Joanne Hsu
The final May reading confirmed the early month decline in consumer sentiment, which fell 10.4% below April and reverted to virtually the same level of sentiment seen in March. This recent drop was largely driven by continued negative views on current buying conditions for houses and durables, as well as consumers’ future outlook for the economy, primarily due to concerns over inflation. At the same time, consumers expressed less pessimism over future prospects for their personal finances than over future business conditions. Less than one quarter of consumers expected to be worse off financially a year from now. Looking into the long term, a majority of consumers expected their financial situation to improve over the next five years; this share is essentially unchanged during 2022. A stable outlook for personal finances may currently support consumer spending. Still, persistently negative views of the economy may come to dominate personal factors in influencing consumer behavior in the future.

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