Consumer sentiment plunged in early April to the lowest level in the survey’s seven-decade history, as the Iran conflict weighed heavily on Republican household views of the economy, according to the University of Michigan’s preliminary survey released Friday.
The Index of Consumer Sentiment fell to 47.6 from 53.3 in March, a decline of nearly 11 percent. The reading eclipses the previous all-time low of 50.0 set in June 2022 during the post-pandemic inflation surge. The survey window ran from March 24 to April 7, with 98 percent of interviews completed before the April 7 announcement of a temporary cease-fire. The result came in below all but one estimate in a Bloomberg survey of economists.
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