Consumer Sentiment Down 7.6% in May, Says U of M

Ann Arbor, MI, May 18, 2015—Consumer sentiment fell in May, according to preliminary results from the University of Michigan Survey of Consumers.

The May figure of 88.6 was down 7.6% from April’s 95.9. However, up 8.2% year over year.

According to Survey of Consumers’ chief economist Richard Curtin, the drop in confidence came as consumers realized there would be no quick and robust rebound following the first quarter’s poor indicators.

However, Curtin notes that consumers are optimistic about their future personal finances and have maintained their buying plans at reasonably high levels.