Consumer Sentiment Drops in May Survey, Reflecting Economic Concerns

Americans aren't feeling particularly optimistic about their personal economic situation, according to the University of Michigan's monthly survey released today. The survey reveals that the Consumer Sentiment Index fell by about 10 percent in May, dropping to 69.1, its lowest point in five months.

Joanne Hsu, the survey's director, attributes consumers' pessimistic outlook to inflation, high interest rates, and slow income growth. However, Hsu notes that consumer sentiment is up 20 percent from a year ago and 40 percent above the all-time low in June of 2022.

For a closer look at these latest numbers, Mindy McIntosh, Founder and CEO of McIntosh & Associates joins OAN's Alicia Summers.