Early Update – Uglier Than The Averages’ Percent Change Look

12:06 p.m. ET Last night I presented some data that suggests the U.S. consumer may be near tapping out. This morning  the University of Michigan Consumer Sentiment survey dropped to 67.4 in the preliminary May reading  from 77.2 in the final April reading. The 9.8 point drop the biggest since August 2021, and the biggest…