Consumer Sentiment Hits 28-Year Low

Ann Arbor, MI, May 30, 2008--Consumer sentiment fell in May to the lowest level in 28 years, according to the University of Michigan/Reuters consumer sentiment index released Friday.

The index fell to 59.8 in May from 62.6 in April, the lowest since June 1980. The preliminary May index was reported at 59.5 two weeks ago.

Inflation expectations climbed to their highest level in more than two decades, reflecting increases in gasoline prices. The consumer expectation index fell to 51.1 in May from 53.3 in April, the lowest since October 1990.