Consumer sentiment hits fresh record low in May as Iran war fuels inflation worries
The survey found 57% of consumers said high prices were eroding their finances as confidence fell for a third straight month.
- The Michigan Consumer Sentiment Index fell to a record low of 44.8 in May, missing the forecasted 48.2 and signaling a notable dip in consumer confidence regarding economic conditions in the United States.
- Ongoing conflicts from the US-Israeli war in Iran and subsequent oil supply shocks have worsened sentiment, compounding frustrations from years of high inflation across the United States.
- Compiled from a survey of approximately 500 consumers, the Michigan Consumer Sentiment Index provides early signals into economic behavior. The University has tracked this indicator since 1952.
- Rising costs remain a primary concern for households, with 57% of consumers citing eroded finances, up from 50% last month, wrote Joanne Hsu, director of the University's surveys.
- Sentiment has fallen below levels seen during the Great Recession, 9/11, and the Covid-19 pandemic, reflecting unprecedented pessimism about current economic conditions.
29 Articles
29 Articles
The confidence of U.S. consumers dropped in May to the lowest level ever, due to the expectations of inflation caused by the war in Iran, according to the University of Michigan index published since 1978. The U.S. consumer confidence index fell in May to 44.8 points, five points below the April value, which stood at 49.8 points, which represents a 10% reduction in monthly terms and 14.2% in homologous terms. Similarly, the index is below the pr…
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U.S. Consumer Sentiment Falls to Historic Low as Rising Fuel Costs Deepen Inflation Fears
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