U.S. May final UMich sentiment falls to 7-month low (by Rex Nutting)

WASHINGTON (CBS.MW) -- U.S. consumer sentiment dropped in late May, according to media reports of proprietary research at the University of Michigan. The final May UMich consumer sentiment index fell to 90.2 from 94.2 in April and 94.2 in early May. It's the lowest reading since October. Economists were expecting an increase to about 93.7 in late May. The current conditions index fell to 103.6 from 105.0 in April and 107.2 in early May. The expectations index fell to 81.6 in late May from 87.3 in April and 85.8 in early May. Consumers have been hit with higher energy prices and rumblings about terrorism even as the U.S. economy improves.