May University of Michigan Consumer Sentiment: 59.2 vs. 58.0 expected and 63.5 prior.
Expectations: 55.4 vs. 53.4 expected and 60.5 prior.
Current Conditions: 64.9 vs. 64.5 expected and 68.2 prior.
Year-ahead inflation expectations: +4.2% vs. +4.5% expected and +4.6% prior.
Inflation expectations for next five years: +3.1% vs. +3.2% expected and +3.0% prior.
"Consumer sentiment slid 7% amid worries about the path of the economy, erasing nearly half of the gains achieved after the all-time historic low from last June," said Surveys of Consumers Director Joanne Hsu. "This decline mirrors the 2011 debt ceiling crisis, during which sentiment also plunged."
Inflation expectations declined in the one-year time horizon to 4.2% from 4.6% prior. "This suggests that consumer views over short-run inflation may be stabilizing following four months of vacillation," Hsu said. Meanwhile, five-year inflation expectations ticked up to 3.1% but stayed within the 2.9%-3.1% band for 21 of the last 22 months, she said.
Earlier on Friday, personal spending jumped in April, as PCE inflation ticked up