The University of Michigan Surveys of Consumer Sentiment sank to its lost level on record since the numbers were first reported in the 1970s.
The latest number slumped to 50.2 as inflation hit record highs and gas prices continue to soar into unchartered territory.
June’s number of 50.2, announced on Friday, was much lower than the 58.1 that was expected.
Throughout 2019 the average number as around 96.0.
The number was down 14% since May.
Americans are not fooled by the empty rhetoric of the Biden regime and their lapdogs in the media.
Americans understand there are dark days ahead thanks to the foolish policies of an illegitimate regime.
Consumer sentiment sank to its worst level on record in early June as the rising cost of food, gas, and other essentials weighed on American consumers.
The University of Michigan’s closely watched Surveys of Consumers consumer sentiment index slumped to 50.2 in the preliminary June survey, marking the lowest level recorded by the survey, which dates back to the mid-’70s.
Friday’s reading marked a drop from May’s already-depressed level of 58.4, and missed estimates for a print of 58.1, according to Bloomberg data. Throughout 2019, the last year before the COVID-19 pandemic sent the economy into recession, the sentiment index had averaged around 96.0.
“Consumer sentiment declined by 14% from May, continuing a downward trend over the last year and reaching its lowest recorded value, comparable to the trough reached in the middle of the 1980 recession,” Joanne Hsu, director of the University of Michigan’s Surveys of Consumers, said in a statement.
Consumers’ assessments of their own personal financial situations deteriorated sharply and contributed heavily to the overall drop in the index, Hsu noted. Nearly half (46%) of consumers attributed these worsening views to inflation, up from 38% who did so in May.
More from Charles Payne.
Watch how Harris has to keep holding on to her seat as Charles tells her what the awful truth is. – Charles Payne on 40-Year Inflation High: Biden Admin, Federal Reserve ‘Created a Monster’ pic.twitter.com/LAHwvzeLaA
— Alexandra Datig | Front Page Index (@alexdatig) June 10, 2022