Consumer sentiment declines to another new record low as Americans fret over Iran war | CNN Business

Consumer sentiment continued to decline this month, reaching a fresh record low as the war in Iran drags on, keeping energy prices elevated. The University of Michigan’s latest consumer survey, released Friday, showed sentiment fell early this month to a preliminary reading of 48.2, the lowest on records going back to 1952. Sentiment had previously reached its lowest point just last month, below anything seen during the Great Recession, the pandemic, and the inflation surge afterward. “About one-third of consumers spontaneously mentioned gasoline prices and about 30% mentioned tariffs,” said Joanne Hsu, the survey’s director, in a release. “Taken together, consumers continue to feel buffeted by cost pressures, led by soaring prices at the pump.” “Middle East developments are unlikely to meaningfully boost sentiment until supply disruptions have been fully resolved and energy prices fall,” she added. Gas prices heavily influence people’s perception of the economy, and the national average price for a gallon of gasoline has been stuck above $4 for weeks. That’s because global energy prices have remained elevated as well, with the ongoing closure of the Strait of H