Tariffs weigh on consumers’ current and future views on economic conditions.
Preliminary results for consumer sentiment were down significantly both month-over-month and year-over-year according to the University of Michigan Surveys of Consumers mid-April report. Consumer sentiment fell for the fourth straight month, plunging 11% from March and over 34% from April 2024.
Consumer sentiment is considered a leading indicator of economic activity. Sentiment levels can also impact consumer’s willingness to make large purchases such as automobiles.
According to Joanne Hsu, Surveys of Consumers Director, the decline was, like the drop in March, was pervasive and unanimous across age, income, education,
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