Consumer confidence falls to lowest level in 3 years amid inflation fears, U. of Michigan index shows

Consumer sentiment in the U.S. edged down in May for a fifth straight month as Americans increasingly worry that President Trump’s trade war will worsen inflation. The preliminary reading of the University of Michigan’s closely watched consumer sentiment index, released Friday, declined 2.7% on a monthly basis to 50.8, the lowest reading since July 2022. Since January, sentiment has tumbled nearly 30%, a sign Americans are worried about the economy and their financial prospects, according to economists. “These survey results suggest that consumer spending may be increasingly restrained by caution under the Trump economic agenda,” Carl B. Weinberg, chief economist…