A recent survey from the University of Michigan finds that consumer sentiment is down 26.5% since May 2024.
According to the university’s ongoing Surveys of Consumers, the Index of Consumer Sentiment dropped to 50.8 this month, the second-lowest rating ever recorded.
The lowest rating ever recorded was 50 in June 2022. The survey began in November 1952.
Said Surveys of Consumers Director Joanne Hsu,
“Consumer sentiment was essentially unchanged this month, inching down a scant 1.4 index points following four consecutive months of steep declines. Sentiment is now down almost 30% since January 2025. Slight increases in sentiment this month for independents were offset by a 7% decline among Republicans.”
The survey also finds that consumer assessments of personal finances fell by 10%, anticipating weaker incomes and a weaker economy ahead.
“Tariffs were spontaneously mentioned by nearly three-quarters of consumers, up from almost 60% in April; uncertainty over trade policy continues to dominate consumers’ thinking about the economy.”
With Trump’s tariff wars creating uncertainty, the University of Michigan survey finds that inflation expectations are experiencing a bipartisan surge.
“Year-ahead inflation expectations surged from 6.5% last month to 7.3% this month. This month’s rise was seen among Democrats and Republicans alike. Long-run inflation expectations lifted from 4.4% in April to 4.6% in May, reflecting a particularly large monthly jump among Republicans.”
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