00:00It's Benzinga, bringing Wall Street to Main Street.
00:02U.S. consumer confidence slipped 0.7 points to 93.1 in May, the conference board reported,
00:09marking the first decline after three months of gains, according to AP.
00:13The University of Michigan's Consumer Sentiment Index fell to a record low of 44.8 in May.
00:20Rising gas and food prices have driven inflation beyond wage growth,
00:25shrinking Americans' purchasing power and souring public opinion on Trump's economic policies ahead of the midterms.
00:32Gas prices surged to a nationwide average of $4.49 a gallon,
00:37up from $2.98 before the Iran war began in late February.
00:42Inflation climbed to 3.8% in April, the highest in three years,
00:48prompting two-thirds of survey respondents to cut back spending.
00:51Average hourly earnings adjusted for inflation shrank in April from a year earlier.
00:57Confidence rose among households earning $100,000 or more but fell for most others.
01:02For all things money, visit Benzinga.com.
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