US Consumer Sentiment Hits Record Low Amid High Gas Prices and Cost of Living
The University of Michigan's consumer sentiment index has reached an all-time low in May, dropping to 44.2, as Americans grapple with high gas prices and rising living costs. The ongoing US-Israeli conflict in Iran has exacerbated oil supply disruptions, leading to price shocks and worsening consumer sentiment. The survey indicates that 57% of consumers are concerned about high prices eroding their personal finances. The sentiment index, which dates back to 1952, shows that Americans are feeling more pessimistic now than during previous economic crises, including the Great Recession and the COVID-19 pandemic. 
