Consumer Sentiment Beats Consensus, Still Craters To 28-Year Low

The Reuters/University of Michigan Surveys of Consumer gave a final confidence reading of 59.8 for May, slightly beating the 59.5 consensus. It was the lowest confidence level since June 1980 clocked in at 58.7.

The real story, though, was soaring inflation worries. The one-year inflation expectation which surged to 5.2% from 4.8% in April. It was the highest since February 1982. The five-year inflation expecation is now at 3.4%, up .2% from last month, the highest since April 1995.

Stagflation, here we come.

 

 

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.