U.S. consumer sentiment drops in May
Washington — A weak U.S. economy pulled down consumer sentiment in May.
The University of Michigan says its index of consumer sentiment fell to 90.7 from 95.9 in April. The May reading was the lowest since November.
Consumers of all ages and income levels were gloomier this month. And they were less confident both about current economic conditions and the future.
Still, Richard Curtin, chief economist of the surveys, noted that the index has averaged 94.6 the first five months of 2015, highest since 2004.
The Commerce Department reported Friday that the U.S. economy fell at a 0.7 percent annual pace the first three months of the year, hurt by severe winter weather and a widening trade deficit.