U. Michigan Consumer Sentiment At Record Low (Since 1952)

Preliminary May results out:

Figure 1: U.Michigan Economic Sentiment (blue), Conference Board Confidence Index (brown), Gallup Confidence (green), all demeaned and divided by standard deviation 2021M01-2025m02. Orange dashed line at “Liberation Day”, red dashed line at US-Iran War. Source: UMichigan, Gallup, Conference Board, and author’s calculations.

Interestingly, sentiment was down for both Republicans and Independents, while Democrats moved sideways.

Figure 2: U.Michigan Economic Sentiment for Democratic/lean Democratic (blue), Independent (chartreuse), Republican/lean Republican (red). Orange dashed line at “Liberation Day”, red dashed line at US-Iran War. Source: UMichigan.