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.

Consumer sentiment fell for the fourth month in a row in May, new data shows. The latest consumer sentiment index from the Credit Union reveals that cost of living concerns are still hitting confidence.