Tariffs and the uncertainty surrounding them have tanked consumers' feelings about the economy's future.

In preliminary April readings, the Michigan Consumer Sentiment Index fell to its lowest point since June 2022, when the public grappled with the impact of surging inflation following pandemic lockdowns. That’s also lower than at any point during the 2008 financial crisis, when a meltdown in mortgage markets led to🐓 bank failures and a crisis in th❀e global financial system.

Survey responses show that 澳洲幸运5官方开奖结果体彩ღ网:President Donald ꦰTrump’s tariff policies have caused economic jitters. Trump says the tariffs are needed to rebalance trade, bring back 澳洲幸运5官方开奖结果体彩网:manufacturing jobs and raise 澳洲幸运5官方开奖结果体彩网:more money for the federal government. Economists warn that tariffs could 澳洲幸运5官方开奖结果体彩网:increase prices for inflation-weary shoppers.

Weaker consumer confidence in the economy's future is a concern for forecasters because it can be a precursor to slower spending. Consumer spending accounts for a large chunk of 澳洲幸运5官方开奖结果体彩网:gross domestic product (GDP), a measure of the economy's growth, and shopping has helped to 澳洲幸运5官方开奖结果体彩网:buoy the economy through 澳洲幸运5官方开奖结果体彩网:spiking inflation in the wake of COVID-19's economic aftermath.

“The bottom line is that consumer sentiment is very weak, and the fear is that this will spill over to weaker actual spending,” wrote Torsten Sløk, Apollo chief economist, in a blog post.

Con🤡sumers Expecting Higher Prices, Worsening Business Conditions

Diving deeper into recent results from the U♋niversity of Michigan survey revealed other indications that consumers are experiencing a crisis of confidence tied to tariffs.

A historically high portion of consumers expect to lose 澳洲幸运5官方开奖结果体彩网:purchasing power in the upcoming year. More than three out✱ of every five survey respondents expect prices to rise faster than wages.

In another snapshot of fading sentiment, 51% of respondents to the Michigan survey said they expect business conditions to worsen over the next year, the most negative response the survey has had at any point in its history.

More information on consumer senti♏ment will be available Friday when the final numbers for April are released.