Consumer sentiment fell in May to the lowest level in about five months, and expectations for inflation rose — bad signs for the economy and President Joe Biden. The University of Michigan Consumer Sentiment Index dropped to 69.

Big retailers have begun to sense more caution from customers, particularly those with lower incomes, who are pulling back on spending.

According to the University of Michigan's consumer sentiment index, released late last week in a preliminary version, U.S. consumer sentiment fell sharply in May to its lowest level in six months