Consumer Sentiment: Revised Even Lower

Bottom Line:  Consumer sentiment was revised to show an even larger drop in May than the survey data suggested earlier in the month.  Consumers expressed negative views on buying conditions for homes and durable goods, mostly due to their inflation concerns. On the plus side, less than a quarter of those surveyed said they expected to be worse off financially a year from now. Overall, consumers' outlooks remain heavily dependent on their political views (as we've seen for 6+ years, optimism has depended on your preferred political party being in control in Washington). That said, consumers still report solid personal finances but are clearly concerned about what inflation means for them over the coming year.Consumer Sentiment was REVISED DOWN by 0.7 points in late May to 58.4, compared with market expectations for  no change to 59.1.  Sentiment has deteriorated by -4.4 points over the past 3 months. Despite this month's moderate decline, compared to April's final level of 65.2, sentiment is 29.6% BELOW its year-ago level.
                     
Current Conditions were REVISED DOWN by 0.3 points to 63.30. Current conditions are now 29.2% BELOW their year-ago level.

Consumer Expectations were REVISED DOWN by 1.1 points to 55.2.   Despite this month's sharp decline, compared to April's final level of 62.5, expectations are 29.9% BELOW their year-ago level.