UMich Sentiment Tumbles Accelerates In May, Home-Buying Confidence Collapse
The final data for May’s University of Michigan Sentiment Survey was expected to confirm the dismal slide seen in the preliminary data but it got even worse. The headline print fell from 65.2 in April to 59.1 preliminary May to 58.4 final May – the lowest since August 2011. Bot the sub-indexes also weakened further during the month with current conditions falling to a 13-year low of 63.3, while future expectations dropped to 55.2.
Confidence slid across all political cohorts
Buying Conditions collapsed in May, especially for houses after the false dawn at the start of the year has been eviscerated by soaring home prices and mortgage rates…
And finally, consumers expect prices to rise 5.3% over the next year, holding close to a four-decade high. They expect prices will climb at an annual rate of 3% over the next five to 10 years.
Weak sentiment and still high inflation – not exactly helping The Fed fold here.
Fri, 05/27/2022 – 10:09