Consumer Sentiment Lowest on Record

By Staff Writer June 28, 2022 413

Figures dropped more than 14% from May and over 40% from a year ago in a recent University of Michigan Consumer Sentiment Index.

“The final June reading confirmed the early-June decline in consumer sentiment, settling 0.2 Index points below the preliminary reading…. with the lowest reading on record,” stated Joanne Hsu, Surveys of Consumers director. “Consumers across income, age, education, geographic region, political affiliation, stockholding and homeownership status all posted large declines.

“About 79% of consumers expected bad times in the year ahead for business conditions, the highest since 2009. Inflation continued to be of paramount concern to consumers; 47% of consumers blamed inflation for eroding their living standards, just one point shy of the all-time high last reached during the Great Recession.”

Hsu also reported, “Consumers also expressed the highest level of uncertainty over long-run inflation since 1991, continuing a sharp increase that began in 2021.”

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Last modified on Wednesday, 06 July 2022 11:53