The University of Michigan Consumer Sentiment Index hit 44.8 in May 2026, the lowest reading in its 74-year history, down 21% since February amid gas price and tariff fears.

The preliminary snapshot released earlier in the month was dismal, comparable to levels not seen since the huge post-COVID inflation spike.

Consumer sentiment has tumbled to a fresh record low in May as fears of higher prices grow due to the U.S.-Iran war and elevated oil prices.

Americans just loathe this economy.