A dire outlook: Consumer sentiment tumbled in May as fears of higher prices grow due to the U.S.-Iran war and elevated oil prices, according to the University of Michigan’s Surveys of Consumers. The index of consumer sentiment fell to 44.8 from a preliminary reading of 48.2. It’s also well below the 49.8 level seen at the end of April. “Consumer sentiment fell for the third straight month as supply disruptions in the Strait of Hormuz continue to boost gasoline prices,” Surveys of Consumers Director Joanne Hsu said in a statement. “Sentiment is now just below the previous historical trough seen in June 2022.” CNBC has the full story.
Stepping down: Tulsi Gabbard said on Friday she is resigning from her job as President Donald Trump’s director of national intelligence, saying her husband had been diagnosed with a rare form of bone cancer and that she was stepping away from her role to help him. A source familiar with the matter said Gabbard had been forced out by the White House. The resignation is effective June 30. Reuters has the full story.
Out of office: City-parish offices will be closed on Monday in observance of Memorial Day. Normal business operations will resume on Tuesday. Residential garbage, recycling and out-of-cart items will be collected as usual.
Editor’s Note: Daily Report will not be published on Monday, May 25. Have a safe and happy holiday.
