The University of Michigan Consumer Sentiment Index dropped to 69.1, slightly less of a decline than forecasters had anticipated. But that marks a 10.5% drop in sentiment over the past month alone. The last time sentiment was this low was in November 2023.
Survey director Joanne Hsu said that the year-ahead outlook for business conditions saw a “particularly notable decline” in May. The economy is top of mind for voters this election cycle. During past elections in which the economy has featured prominently, the biggest concerns are usually jobs or unemployment or concerns about a recession. This time around, though , inflation is the big concern.
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