US Consumer Sentiment Plunges to Record Low, Driven by Tariff Concerns

Consumer confidence in the US has reached a historic low point. New data from the University of Michigan reveals a sharp decline, plummeting to 50.8 in early May. This is only surpassed by the record-low reading recorded in June 2022. Consumers attribute this downturn primarily to soaring prices driven by tariffs. Notably, nearly 75% of respondents cited tariffs without prompting, highlighting their significant impact on sentiment.