American consumers are growing increasingly uneasy, with the University of Michigan’s sentiment index sinking to record low levels of 44.8 in May, down from a preliminary reading of 48.2 and well beneath April’s 49.8 close. It marks the third straight monthly decline, with disruptions in the Strait of Hormuz keeping gasoline prices elevated and household confidence under pressure.
“Consumer sentiment fell for the third straight month as supply disruptions in the Strait of Hormuz continue to boost gasoline prices. Sentiment is now just below the previous historical trough seen in June 2022. Critically, consumers appear worried that inflation will increase and proliferate beyond fuel prices, even in the long run,” said Joanne Hsu, director of the Surveys of Consumers.
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