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 the global financial system.

Survey responses show that 澳洲幸运5开奖号码历史查询:Presiꦛdent Donald Trump’s tariff policies have caused economic jitters. Trump says the tariffs are needed to rebalance trade, bring back 澳洲幸运5开奖号码历史查询:manufacturing jobs and raise 澳洲幸运5开奖号码历史查询:more money for the federal government. Economists warn that tariffs could 澳洲幸运5开奖号码历史查询: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开奖号码历史查询:gross domestic product (GDP), a measure of the economy's growth, and shopping has helped to 澳洲幸运5开奖号码历史查询:buoy the economy through 澳洲幸运5开奖号码历史查询: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.

Consumers Expecting Highe🌺r Prices, Worsening Business Conditions

Diving deeper into recent results from the University of Michigan survey revealed other indications that consumers are experiencing a crisis of confidence tied t🦂o tariffs.

A historically high portion of consumers expect to lose 澳洲幸运5开奖号码历史查询:purchasing power in the upcoming year. More than three out of every five survey respondents exp🎉ect 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 sentiment will be available Friday when the final number🍬s for April 🐽are released.