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U.S. consumer confidence tumbled to its lowest in 28 years this month, a survey showed Friday, as short-term inflation expectations hit their highest levels since the stagflationary early 1980s.
The news heightens the dilemma for the Federal Reserve, which has bet that slowing economic growth will tame inflation pressures that are building up.
The Reuters/University of Michigan Surveys of Consumers said its preliminary index of confidence fell to 59.5 in May, its lowest since June 1980. In April it was 62.6.
"Consumer confidence continued to slip in early May due to surging food and fuel prices," the Surveys of Consumers statement said. "Record numbers of consumers viewed the economy in recession and saw little hope of recovery anytime soon."
That leads to our Fast Money Reader's Poll. How do you think you'll be doing next year at this time?
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