The University of Michigan’s preliminary May consumer sentiment index reading was 59.5 compared to the final April reading of 62.6, the preliminary April reading of 63.2, and the final March reading of 69.5, according to market sources.

Economists polled by IFR Markets had predicted a 62.5 reading for the index.

With the decline to 59.5, the index is at its lowest point since June 1980.

The expectations index was 51.7 compared to 53.3 last month, 53.4 in the preliminary April report, and 60.1 in March.

The current conditions index was 71.7 compared to 77.0 last month, 78.4 earlier in April, and 84.2 in March.

The five-year inflation expectation index was 3.3% in May compared to 3.2% in April, while the one-year inflation expectation index was 5.2% in May compared to 4.8% in April.

The one-year inflation expectation index is now at the highest level since February 1982, while the five-year inflation expectation index has reached the highest point since August 1996.

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