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US consumer sentiment fell to an all-time low in April as gasoline and broader goods prices rose amid the Middle East conflict, according to the University of Michigan survey.
The US consumer sentiment index was 49.8 in April. While the figure was above Reuters’ poll forecast of 48, it marked the lowest reading on record. In March, the index stood at 53.3.
The drop in sentiment in April was widespread across consumer groups, cutting across political views, income levels, and stock-market participation.
Joanne Hsu, director of the Michigan survey, said the Middle East conflict is affecting US consumers mainly through a shock to gasoline prices and could spill over into other goods. She added that military and diplomatic developments have not resolved supply constraints or energy price pressures, suggesting sentiment is unlikely to improve.
Inflation expectations for the next year increased to 4.7% from 3.8% in March. Hsu noted the level is higher than in 2024 and well above the 2.3%–3% range seen in the two years prior to the Covid-19 pandemic.
With energy price pressures continuing and potential spillovers into other goods, the survey indicated that consumer sentiment is unlikely to improve in the near term.
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