U.S. consumer sentiment dropped in May and missed expectations of an uptick, according to a report released on Friday.
The Thomson Reuters/University of Michigan's preliminary May reading on the index was 88.6. It was down from the previous month's reading of 95.9 and missed estimates of 96.
The decline in optimism about the economy was widespread among all age and income groups across the country.
"Confidence fell in early May as consumers became increasingly convinced that there would be no quick and robust rebound following the dismal first quarter," said Surveys of Consumers Chief Economist Richard Curtin in a statement.
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