The May reading came in below the 48.2 estimate and the previous 48.2, signaling weaker U.S. consumer confidence.
U.S. Michigan consumer sentiment fell to 44.8 in May, below both the 48.2 consensus estimate and the prior 48.2 reading. The data point was described as the lowest level on record, highlighting a sharp deterioration in consumer confidence. Consumer sentiment is closely watched by markets because it can reflect household views on inflation, employment, and spending conditions, which in turn can influence risk appetite across assets including cryptocurrencies.