Consumer Confidence Hits 28-Year Low

U.S. consumer confidence fell to a 28-year low this month, according to the Reuters/University of Michigan monthly consumer sentiment index released Friday.

The preliminary for May fell to a reading of 59.5, the weakest since June 1980, from April’s 62.6 reading, the survey said.

Last year the index averaged of 85.2, and economists had predicted a May reading of 62, Bloomberg reported.