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As retailers such as Walmart warn higher prices are coming due to tariffs, American households are growing more worried about the economy.
Preliminary data from the University of Michigan shows U.S. consumer sentiment dropped to 50.8 in May, down from 52.2 in April. The figure nears a record low of 50 in June 2022, amid high rates of inflation.
“Sentiment is now down almost 30% since January 2025,” Joanne Hsu, director of the University of Michigan’s monthly consumer survey, said in a statement. “Slight increases in sentiment this month for independents were offset by a 7% decline among Republicans.”
