Investing.com -- The University of Michigan's index of consumer sentiment was revised down in the May final report to 44.8, marking the lowest level in the survey's history, according to Goldman Sachs analysis. The reading fell 3.4 points below initial estimates.

Both components of the index reached historic lows. The current economic conditions measure dropped 2.0 points to 45.8, while consumer expectations declined 4.4 points to 44.1.

Median inflation expectations over the next year were revised up by 0.3 percentage points to 4.8% in the May final report, representing the highest reading since August 2025. Longer-term inflation expectations over the next 5-10 years increased by 0.5 percentage points to 3.9%.

The University of Michigan noted that 57% of consumers spontaneously mentioned high prices were eroding their personal finances, up from 50% last month. The cost of living remains a primary concern among respondents.

The survey indicated consumers appear worried that inflation will increase and spread beyond fuel prices, even in the long run.