Americans simply detest this economic system.
A carefully watched measurement of US consumer sentiment fell to a recent, all-time low in May, in accordance to the newest survey from the University of Michigan.
The May consumer sentiment index dropped for the third consecutive month, falling to 44.2 and touchdown beneath the previous record low of 49.8 set in April.
The US-Israeli struggle in Iran and its subsequent oil provide crunch and value shocks have worsened sentiment that already was soured by years of excessive inflation and an affordability disaster.
“The cost of living continues to be a first-order concern, with 57% of consumers spontaneously mentioning that high prices were eroding their personal finances, up from 50% last month,” Joanne Hsu, director of the college’s Surveys of Consumers, wrote in a press release.
The University of Michigan’s sentiment survey dates again to 1952: Americans are feeling worse now than they did throughout wars, 9/11, the Great Recession, the Covid-19 pandemic and the inflation surge afterward.
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