U.S. Consumer Sentiment Tumbles To Six-Month Low In May

RTTNews | 427 days ago
U.S. Consumer Sentiment Tumbles To Six-Month Low In May

(RTTNews) - A report released by the University of Michigan on Friday showed a substantial deterioration in U.S. consumer sentiment in the month of May.

The University of Michigan said its consumer sentiment index plunged to 67.4 in May from 77.2 in April. Economists had expected the index to edge down to 76.0.

With the much steeper than expected drop, the consumer sentiment index tumbled to its lowest level since hitting 61.3 last November.

"While consumers had been reserving judgment for the past few months, they now perceive negative developments on a number of dimensions," said Surveys of Consumers Director Joanne Hsu.

She added, "They expressed worries that inflation, unemployment and interest rates may all be moving in an unfavorable direction in the year ahead."

The sharp decline by the headline index came as the current economic conditions index dove to 68.8 in May from 79.0 in April, while the index of consumer expectations slumped to 66.5 in May from 76.0 in April.

The report also showed a notable increase in year-ahead inflation expectations, which jumped to 3.5 percent in May from 3.2 percent in April.

With the sharp increase, year-ahead inflation expectations reached their highest level since hitting 4.5 percent last November.

Long-run inflation expectations also inched up to 3.1 percent in May from 3.0 percent in April, remaining elevated relative to the 2.2-2.6 percent range seen in the two years pre-pandemic.

read more
U.S. Jobless Claims Unexpectedly Slip To 227,000

U.S. Jobless Claims Unexpectedly Slip To 227,000

First-time claims for U.S. unemployment benefits unexpectedly edged modestly lower in the week ended July 5th, according to a report released by the Labor Department on Thursday.
RTTNews | 1 day ago
U.S. Weekly Jobless Claims Unexpectedly Edge Lower

U.S. Weekly Jobless Claims Unexpectedly Edge Lower

First-time claims for U.S. unemployment benefits unexpectedly edged modestly lower in the week ended July 5th, according to a report released by the Labor Department on Thursday.
RTTNews | 1 day ago
U.S. House Purchase Mortgage Applications Highest In Over 2 Years: MBA

U.S. House Purchase Mortgage Applications Highest In Over 2 Years: MBA

Home loan applications in the U.S. rose to their highest level since early 2023 in the week ended July 04, while mortgage rates eased only modestly, survey data from the Mortgage Bankers Association showed on Wednesday. The number of mortgage applications grew 9.4 percent from the previous week when it they rose 2.7 percent, the MBA said.
RTTNews | 1 day ago
Fed Minutes Reveal Mixed Views About Outlook For Interest Rates

Fed Minutes Reveal Mixed Views About Outlook For Interest Rates

The Federal Reserve on Wednesday released the minutes of its June monetary policy meeting, which revealed most participants generally agree the central bank is well positioned to wait for more clarity on the outlook for inflation and the economy before adjusting interest rates.
RTTNews | 1 day ago
U.S. Wholesale Inventories Dip In Line With Estimates In May

U.S. Wholesale Inventories Dip In Line With Estimates In May

A report released by the Commerce Department on Wednesday showed a modest decrease by wholesale inventories in the U.S. in the month of May. The Commerce Department said wholesale inventories fell by 0.3 percent in May after inching up by 0.1 percent in April. The pullback by inventories matched economist expectations as well as the flash estimate.
RTTNews | 2 days ago