US consumer sentiment hits record low in early May

WASHINGTON, May ‌8 (Reuters) - U.S. ​consumer ​sentiment slumped to a record low in early May as ‌higher gasoline prices weighed on household ⁠finances and purchasing power, a survey ‌showed on Friday.

The University ‌of Michigan's Surveys of Consumers said its Consumer Sentiment Index fell to ​an all-time low of 48.2 this month from a final ⁠reading 49.8 in April. Economists polled by Reuters had ​forecast the index dipping to 49.5.

"Consumers continue to feel buffeted by ​cost pressures, led ‌by soaring prices at the pump," said Joanne Hsu, the ⁠director of the Surveys of Consumers. "Middle East developments are unlikely to meaningfully ⁠boost sentiment until supply disruptions have been fully ​resolved and energy prices fall."

The survey's measure of consumer expectations for inflation over the ‌next year slipped to 4.5% from 4.7% April. Consumers' expectations ‌for inflation over the next ⁠five years edged ‌down to 3.4% ​from 3.5% last month.

(Reporting by Lucia Mutikani; Editing by Chizu ‌Nomiyama)

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