U.S. Consumer Sentiment Index Hits Historic Low of 44.8 on May 22

According to the University of Michigan survey released on May 22, the U.S. consumer sentiment index fell to a record low of 44.8 in May, down sharply from the prior forecast of 48.2 and April's reading of 49.8. This marks the third consecutive monthly decline, driven primarily by surging energy prices stemming from Strait of Hormuz transit disruptions.

57% of consumers reported that elevated prices are damaging their personal finances, with lower-income households showing heightened sensitivity to gasoline and essential goods costs.