Washington —
Consumer sentiment plummeted to its lowest level on record due to frustration with price spikes from the US-Israeli war with Iran.
The University of Michigan’s latest consumer survey released Friday showed that sentiment declined 11% early this month to a reading of 47.6, lower than anything seen in the post World War II era, including during the Great Recession, the pandemic downturn and the historic inflation surge afterward.
“Open-ended comments show that many consumers blame the Iran conflict for unfavorable changes to the economy,” Joanne Hsu, the survey’s director, said in a release.