Americans haven’t felt this grim about the economy since Harry Truman was in the White House. The University of Michigan’s Index of Consumer Sentiment fell to 44.8 in its final May 2026 reading, the lowest level since the survey launched in November 1952.
That’s a 10% drop from April’s already weak 49.8, and it came in well below the preliminary May estimate of 48.2.
The numbers paint a bleak picture
Both components of the index deteriorated sharply. The Current Economic Conditions gauge dropped to 45.8, a 12.8% decline month-over-month. The Index of Consumer Expectations fell 8.3% to 44.1.
Survey director Joanne Hsu reported that 57% of respondents said high prices were negatively impacting their personal finances. That’s up from 50% in April.
