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U.S. consumer sentiment falls to 6-month low

Xinhua, May 30, 2015 Adjust font size:

U.S. consumer sentiment in May fell to the lowest level since November, affected by the poor economic performance in the first quarter, the Thomson Reuters/ University of Michigan index of consumer sentiment revealed on Friday.

The final reading of the consumer sentiment in May fell to 90.7 from 95.9 in April, said the monthly Thomson Reuters/University of Michigan survey of consumers.

"Consumer optimism retreated in May as consumers adopted more modest prospects for a rebound following the economy's dismal first quarter performance," said the survey.

"The decline was widespread among all age and income subgroups as well as across all parts of the country," said the survey.

The U.S. economy shrank 0.7 percent at an annual rate in the first quarter of 2015, marking the third quarterly contraction after the financial crisis ended in mid-2009, according to the second estimate from the U.S. Commerce Department released Friday.

The sub-index of current conditions, reflecting Americans' perceptions of their financial situation and whether they consider it a good time to buy big-ticket items like cars, fell to 100.8 from 107 last month.

The sub-index gauging consumer expectations for six months from now, which more closely projects the direction of consumer spending, decreased to 84.2 from 88.8 in April. Endite