economy
Consumer sentiment falls to fresh record low in May as surging gas prices hit outlook
Surging gas prices due to the Iran war sent consumer sentiment to a new low in the early part of May.
TL;DR
- Consumer sentiment hit a new record low in early May, according to a University of Michigan survey.
- Surging gas prices and inflation fears were the main drivers of the decline.
- One-third of respondents cited gas prices as their biggest concern, while another third mentioned tariffs.
- The current conditions index tumbled 9%, reflecting worries about personal finances and buying conditions for major purchases.
- The expectations index saw a slight increase, and the inflation outlook eased marginally.
- National average gas prices reached $4.54 per gallon, up significantly from previous months and a year ago.