Consumer sentiment is at a record low, the University of Michigan's Surveys of Consumers said Friday. File Photo by Michael Reynolds/EPA
May 22 (UPI) -- American consumer sentiment in May hit a new historical low, thanks to higher oil prices and the war with Iran, the University of Michigan's Surveys of Consumers said Friday.
The university's consumer sentiment index dropped to 44.8 from its preliminary reading of 48.2. At the end of April, it was at 49.8. The current reading is down 14.2% from May 2025.
Surveys of Consumers Director Joanne Hsu said in a statement that supply disruptions in the Strait of Hormuz boosting gas prices were the main culprit.
Consumers' personal finances dropped by 13% in May, Hsu said.
