University of Michigan survey finds US consumer sentiment falls sharply
Feeling the pinch?
US consumer sentiment fell in August, dropping sharply as inflation and the escalating conflict in the Middle East make daily life more expensive.
The University of Michigan's survey shows people are especially worried that high prices aren't going away anytime soon, with director Joanne Hsu noting "continued worries that inflation will remain elevated for the foreseeable future."
Republicans felt the downturn most
Rising energy costs (thanks in part to the ongoing U.S.-Israel conflict with Iran) are making things tougher at the pump and at home.
The drop in confidence is showing up across all political groups, but Republicans felt it most.
Even though inflation expectations dipped slightly (from 4.2% to 4%), they're still higher than before this conflict started.
Older folks and those from lower- to middle-income households are feeling this downturn even more.