The University of Michigan’s Consumer Sentiment Index landed at 44.8 in its final May reading, the lowest level ever recorded by the survey. That’s a meaningful slide from both the preliminary May figure of 48.2 and April’s final print of 49.8, marking three consecutive months of declining consumer confidence.
The preliminary number, released May 8 at 48.2, had already missed expectations of 49.5. The final revision made things worse.
Prices, gas, and tariffs are crushing morale
The Current Economic Conditions component fell to 45.8, while the Expectations component, which measures how people feel about the next six months, dropped to 44.1.
A full 57% of consumers surveyed said high prices were hurting their finances. Roughly one-third of those surveyed pointed to gasoline prices as a particular source of stress. Another 30% specifically mentioned tariffs as a factor weighing on their household budgets.
