US consumer sentiment hits 3-year low as trade war raises inflation fears

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US consumer sentiment hits 3-year low as trade war raises inflation fears - Business Standard

Quick Summary:

The preliminary reading of the University of Michigan's closely watched consumer sentiment index, released Friday, declined 2.7 per cent on a monthly basis to 50.8, the second-lowest level in the nearly 75-year history of the survey.

US consumer sentiment fell slightly in May for the fifth straight month, surprising economists, as Americans increasingly worry that President Donald Trump's trade war will worsen inflation.

Americans have largely taken a sour view about where the economy is headed in the wake of the Trump administration's imposition of huge import duties, which threaten to slow growth and push up prices.