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Consumer confidence took a step back this month as a result of the economy’s dismal first quarter performance.
That’s’ according to the University of Michigan Surveys of Consumers.
U-M economist Richard Curtin says the decline was widespread among all age and income subgroups as well as across all parts of the country.
The Consumer Sentiment Index was 90.7 in the May survey, down from April’s 95.9 but significantly above last May’s 81.9.
Curtin says half of all consumers still thought the economic outlook was favorable. The main drawback was they anticipated only marginal future reductions in the unemployment rate.
