Consumer Sentiment Collapses as Iran Conflict Fuels Inflation Fears

High gas prices drove consumer sentiment down to a new low in May. The University of Michigan ’s Index of Consumer Sentiment dropped by five points during the month, to 44.8, according to the Surveys of Consumers’ final results for May. The reading came a month after the 49.8 reading reported in April marked what was then the lowest level recorded in the over 73-year history of the Index of Consumer Sentiment.