CHICAGO – A University of Michigan consumer sentiment survey suggests that consumer “optimism” in the United States slumped in May “under the weight of $3 per gallon gasoline,” as well as rising mortgage interest rates and a souring political climate, reports Reuters.

“The University of Michigan's sentiment survey slumped to 79.0 in May from April's final 87.4, far below the median Wall Street forecast for a reading of 86.1,” writes the news source, suggesting that consumers will avoid shopping malls in favor of filling up their vehicles over the next few months.

Survey results are the lowest since 1993, excluding a one-month drop following Hurricane Katrina.

“If sentiment stays at this level--it might even decline further--you should expect a serious slowing in second-quarter and third-quarter consumption,” Ian Shepherdson, chief U.S. economist with High Frequency Economics told Reuters.

“Job security is holding up reasonably well. But expectations on housing, stocks and gasoline are looking pretty harmful for consumers,” Richard Iley, senior economist, North America, at BNP Paribas in New York told the news source, adding, “Underneath the surface, it (consumer confidence) is pretty brittle.”

The Michigan University report is consistent with rumblings from Wall Street that the Federal Reserve will “end its almost two-year run of interest rate increases” in June to “brace for a slowdown” in U.S. economic growth.