US consumer sentiment hits record low at 44.8 (opens in new tab)

The University of Michigan’s final May consumer sentiment index fell to 44.8 from April’s 49.8, below the preliminary May reading of 48.2 and the lowest level since the survey began in 1952, as households cited high gasoline prices, the cost of living and inflation concerns. The survey showed consumers’ one-year inflation expectations rose to 4.8% from 4.7% in April, while five-year expectations rose to 3.9% from 3.5%. Fortune said the rise in longer-run expectations was driven by independent...