Zeev's Turnips Patch-No Politics (ZEEV)

[marquis103]

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."

This was well below economists' median expectation of a reading of 62.0, according to a Reuters poll.