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American consumer confidence will decline slightly less in May than previously estimated

US consumer confidence deteriorated slightly less in May than previously expected, according to revised data released Friday by the University of Michigan.

According to the report, the consumer confidence index for May has been revised upwards from 67.4 to 69.1. Economists had expected that the index would not be revised.

Despite the upward revision, the consumer confidence index still fell sharply from 77.2 in April, to its lowest level since 61.3 last November.

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“Consumers expressed particular concerns about the labor market; they expect unemployment rates to rise and income growth to slow. The prospect of continued high interest rates also put pressure on consumer opinion,” said Joanne Hsu, director of Surveys of Consumers.

She added: “These deteriorating expectations suggest that multiple factors pose downside risks to consumer spending.”

The sharp decline in the overall index came as the current economic conditions index fell to 69.6 in May from 79.0 in April, while the consumer expectations index fell to 68.8 in April from 76.0 in April. May.

Meanwhile, the report showed that inflation expectations for the coming year rose much less than previously estimated, from 3.2 percent in April to 3.3 percent in May.

The University of Michigan had previously reported that inflation expectations for the coming year had risen to 3.5 percent, although the downwardly revised figure still represents the highest level since 4.5 percent last November.

The revised data also showed that long-term inflation expectations remained stable for the second month in a row at 3.0 percent, compared to the previously reported increase to 3.1 percent.

While long-term inflation expectations have been in the narrow range of 2.9-3.1 percent for 30 of the past 34 months, they remain high compared to the 2.2-2.6 percent range in the two years before the pandemic.

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