US Consumer Sentiment Index dropped to second-lowest level on record in May, based on polling by the University of Michigan. The caveat is that most of the survey was conducted before the US and China agreed to a 90-day pause on most tariffs. “Tariffs were spontaneously mentioned by nearly three-quarters of consumers, up from almost 60% in April; uncertainty over trade policy continues to dominate consumers’ thinking about the economy,” Joanne Hsu, director of the Surveys of Consumers, advised.
