American consumers haven’t felt this gloomy since, well, ever. The University of Michigan’s Consumer Sentiment Index plunged to 44.8 in its final May 2026 reading, marking the lowest level since the survey began in 1952.
To put that in perspective, the previous all-time low was set in June 2022, when the index hit roughly 50.5 during that era’s inflation spike. The new reading doesn’t just break the record. It demolishes it.
The numbers behind the nosedive
The final May figure was revised sharply downward from a preliminary reading of 48.2, which itself was already alarming. April’s final reading of 49.8 had set a prior low just weeks earlier, meaning the index has now broken its own record twice in consecutive months.
Both major subcomponents of the index posted historic lows as well. The current economic conditions gauge fell to 45.8, while the expectations component dropped to 44.1.
