Consumer sentiment hits all-time low, personal finances down 13%

A closely watched measurement of US consumer sentiment fell to a fresh, all-time low in May, according to the latest survey from the University of Michigan.

“The cost of living continues to be a first-order concern, with 57% of consumers spontaneously mentioning that high prices were eroding their personal finances, up from 50% last month,” Joanne Hsu, director of the university’s Surveys of Consumers, wrote in a statement. Consumers’ personal finances sank by 13% in May, she said.

Erin Burnett interviews analysts Dan Ives and Peter Tuchman, and the CNN “NewsNight” panel debates the reasons behind the new numbers.

0:00 Consumer sentiment hits record low amid rising prices, Iran war
0:29 President Trump on new Fed chair Warsh’s independence
1:17 Erin Burnett breaks down consumer sentiment numbers with “Einstein & Ives”
4:58 “NewsNight” panel debates consumer sentiment’s all-time low
8:14 Isaiah Martin: “The economy sucks!”

Watch more CNN here: https://cnn.it/4kh5RPe

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