The U.S. consumer sentiment fell to another record low in early May as Americans grappled with high gas prices and economic uncertainty tied to the ongoing Iran conflict, according to the University of Michigan’s latest survey. The preliminary reading dropped to 48.2, the weakest level since records began in 1952.
US Consumer Sentiment Declines to Record Low on Inflation Angst
— CN Wire (@Sino_Market) May 8, 2026
U.S. consumer sentiment fell to a record low in early May as Americans grew more concerned about inflation, rising gasoline prices and the impact on household finances. The University of Michigan’s preliminary… pic.twitter.com/IYn71ohTVp
Survey director Joanne Hsu said many consumers pointed to rising fuel costs and tariffs as major concerns. The continued closure of the Strait of Hormuz has kept global oil prices elevated, pushing gasoline prices above $4 per gallon across the country.
Despite weak sentiment, consumer spending has remained relatively stable due to a resilient labor market. New employment data showed the unemployment rate held at 4.3% in April while employers added 115,000 jobs, beating expectations.
Still, some companies are beginning to feel the pressure. Appliance maker Whirlpool reported weakening demand, with executives saying sales conditions resemble recession-era levels, CNN reported.
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TIPP Staff
TIPP Staff
