From inflation to rising interest rates and financial market instability, there is no shortage of factors to blame for a decline in consumer sentiment to its lowest level since 2011.
Not Much to Feel Good About
The University of Michigan’s consumer sentiment survey dropped to 59.1 in May, its lowest level since 2011. It is tough to find a silver lining for consumers so far in 2022. Inflation is as bad as it has been in decades. Rising mortgage rates make housing even less affordable. Gas prices are at an all-time high. Supply chain problems are still making everything from infant formula to household appliances hard to find. A selloff in financial markets and the associated dent in retirement accounts weighs on future prospects. Small wonder then that against this grim backdrop the University of Michigan’s survey of consumer sentiment came in at its lowest level since 2011 when the economy was just emerging from the recession that followed the financial crisis. READ FULL ARTICLE>>