Gas Prices Drag US Consumer Sentiment to Record Low: Survey

Resolving supply disruptions and falling energy prices might be the only factors to boost sentiment.

A man at a gasoline station in Los Angeles, in this file photo. John Fredricks/The Epoch Times

Americans have a downbeat view of the U.S. economy, driven by higher gasoline prices, according to the University of Michigan’s widely watched consumer survey.

The preliminary May Consumer Sentiment Index declined to a record low of 48.2, “comparable to the trough reached in June 2022,” when inflation peaked at above 9 percent, the university said on May 8.