Consumer sentiment hits fresh record low in May as Iran war fuels inflation worries
Consumers said high prices were eroding their finances, and inflation expectations rose as the index fell below its prior record low.
- 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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64 Articles
Omaha World-Herald
Consumer attitudes about US economy fall
WASHINGTON — U.S. consumer sentiment fell to a record low in May as surging gasoline prices linked to the Iran war intensified affordability concerns, highlighting broader dissatisfaction with President Donald Trump's handling of the economy.
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Following the Friday news that consumer sentiment has dropped to its all-time low amid an economy roiled by the consequences of President Donald Trump’s tariff program and war on Iran, Nobel Prize-winning economist Paul Krugman warns that things are about to get “really, really ugly.”“The numbers are terrible, people,” he said. “We’re hitting a record low on consumer sentiment, which fits in with the general picture. We know that people are very…
Roundup: Consumer sentiment / Tulsi Gabbard / Memorial Day
A dire outlook: Consumer sentiment tumbled in May as fears of higher prices grow due to the U.S.-Iran war and elevated oil prices, according to the University of Michigan’s Surveys of Consumers. The index of consumer sentiment fell to 44.8 from a preliminary reading of 48.2. It’s also well below the 49.8 level seen at the end of April. “Consumer sentiment fell for the third straight month as supply disruptions in the Strait of Hormuz continue to…
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