Consumer sentiment has plummeted by 10% over the past month and by 14% over the past year, mainly due to disruptions in oil supply from the Strait of Hormuz and rising prices for oil and gasoline. High consumer prices continue to be a major concern for many consumers, with a significant increase in the percentage of people citing high prices as eroding their finances. In May, consumer sentiment dropped particularly strongly among lower-income consumers and those without college degrees compared to President Donald Trump's second term. Inflation expectations have increased, with year-ahead inflation expectations ticking up to 4.8% this month.
Consumer sentiment is now down 10% from a month ago and more than 14% from a year ago. This is the third straight month that consumer sentiment has fallen amid disruptions in oil supply from the Strait of Hormuz that have caused oil and gasoline prices to rise and have added further to the dissatisfaction that consumers are feeling with affordability.
Lower-income consumers and those without college degrees posted particularly strong sentiment declines. The cost of living continues to be a first-order concern for consumers, with high prices eroding their personal finances. Inflation expectations also increased, a sign consumers think higher energy prices could end up filtering into the broader inflation landscape
Surveys USA Consumer Sentiment Oil Supply Disruptions High Prices Affordability Lower-Income Consumers Inflation Expectations Year-Ahead Inflation Expectations Surveys USA Presidential Term Survey Director Consumer Behavior Index Strait Of Hormuz Record Highs Index Values
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