NEW YORK (Reuters) – U.S. consumer sentiment fell more than expected in May, a survey released on Friday showed.
The University of Michigan’s preliminary May reading on the overall index on consumer sentiment was 88.6, down from the final April read of 95.9. Analysts were looking for a reading of 96.0.
The survey’s subindex on business conditions fell to 99.8 from 107.0 in April, while a reading on consumer expectations declined to 81.5 from 88.8. The median forecast of analysts polled by Reuters was for a reading of 107.0 for the conditions index and 88.6 for expectations.
(Reporting by Ryan Vlastelica; Editing by Meredith Mazzilli)