Economic Buzz: US consumer confidence mostly unchanged in May

The Consumer Sentiment Index in the United States declined 3.2% in May compared to the month prior to stand at 48.2, a preliminary report published by the University of Michigan showed on Friday.

The figure was 7.7% lower on an annual basis, coming in a scant 1.6 index points below April's reading.

The Current Economic Conditions Index dropped 9.0% in the reported period compared to April and slid 18.8% year over year, landing at 47.8 points.

The Index of Consumer Expectations increased 0.8% on a monthly basis and rose 1.3% on a yearly basis, coming in at 48.5.

Year-ahead inflation expectations softened from 4.7% last month to 4.5%, and long-run inflation expectations inched down from 3.5% to 3.4%. Consumers continued to cite concerns regarding cost pressures, led by high gasoline prices and tariffs.

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