Consumer sentiment in the U.S. has fallen to its lowest level on record, underscoring continued pressure on households from elevated prices, geopolitical instability and prolonged economic uncertainty.
The University of Michigan Surveys of Consumers showed that its preliminary May reading dropped to 48.2, marking the weakest level in data going back to 1952 and extending a multi-year decline in household confidence. The current conditions index also weakened as consumers reported worsening perceptions of buying conditions and personal finances.
