Consumer Sentiment Index Declines

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

The final index for May fell to a reading of 59.8, the weakest since June 1980, from 62.6 in April.

Economists had predicted a reading of 59.5, which a preliminary reading of two weeks ago showed, Bloomberg reported.