Consumer sentiment hits fresh record low in May as Iran war fuels inflation worries
The University of Michigan said 57% of consumers cited high prices eroding finances as gasoline costs climbed to $4.55 a gallon, the highest since 2022.
- 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.
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73 Articles
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According to the University of Michigan survey, consumer confidence fell to 44.8 points out of 48.2 since the beginning of the year.
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As stock market rises, University of Michigan reports consumer sentiment at record low
NEW YORK (AP) — The split between Wall Street and most U.S. households grew wider Friday as U.S. stocks rose to the finish of their eighth straight winning week, the best such streak since 2023. That’s even though a survey showed U.S. consumers are feeling even worse about the economy.
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Key PointsThe S&P 500 has increased 9% this year despite elevated oil prices tied to the U.S.-Iran conflict.In May, the University of Michigan's Index of Consumer Sentiment dropped to its lowest level in history.In April, wholesale inflation (a precursor to consumer inflation) accelerated to its highest level since December 2022.10 stocks we like better than S&P 500 Index › The S&P 500 (SNPINDEX: ^GSPC) has advanced 9% year to date despite dropp…
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