Both the Index of Consumer Sentiment and the Consumer Confidence Index Drop
The University of Michigan (U of M) has posted its final May report on consumer sentiment, known as the Index of Consumer Sentiment, which follows an earlier preliminary May assessment and finalizes the results. And as I noted in the April report last month, the results remain noteworthy, with a new low reading that exceeds the historically low consumer sentiment reading recorded in June 2022.
The cause of these historically significant readings on declining consumer sentiment, or should I say, increasing consumer pessimism, is the usual suspects – increasing inflation…and the continuing war with Iran.
