Consumer sentiment slips in May

Consumer sentiment was lower in May, according to the monthly University of Michigan consumer survey.

The final May reading on the index was 90.7, down from April’s 95.9, but ahead of the preliminary May mark of 88.6.

“Although the loss in confidence narrowed in late May, the decline for the month as a whole was still substantial as consumers have adopted more modest prospects for a rebound following the economy’s dismal 1st quarter performance,” said chief economist Richard Curtin. “The decline was widespread among all age and income subgroups as well as across all regions of the country.”

For the first five months of the year, the index has average 94.6, it’s highest level since 2004.