U.S. first lady Michelle Obama, U.S. President Barack Obama, Dr. Jill Biden, and U.S. Vice President Joe Biden arrive for remarks at the White House during a Hanukkah reception December 8, 2011 in Washington, DC.

Americans are the most upset about the economy since the rebound from the Great Recession.
The University of Michigan’s sentiment index fell to 59.1 in May, marking the lowest level since 2011.
The economy is still rebounding at an extraordinary pace, but inflation has Americans feeling dismal.

A lot of things have changed since 2011: iPods are dead, Joe Biden has dropped the vice from vice president, and Jennifer Lopez had just separated from Marc Anthony.

But, in 2011, the country was slowly recovering from the depths of the Great Recession. While that’s not the case today — the economic recovery from the pandemic’s economic fallout has been charging along — Americans aren’t feeling good. In fact, it’s an early-2010’s flashback: Americans feel as glum about the economy now as they did in the painfully sloth-like rebound from the 2008 financial crisis. They really, really hate the economy.

A preliminary Friday reading of the University of Michigan Consumer Sentiment’s tracker shows that consumer sentiment fell to 59.1 in May, reaching its lowest point since August 2011. That’s a dip from 65.2 in April, when Americans suddenly started to feel a whole lot better about the economy.

Hopes for the recovery moving forward also slumped. The university’s index of consumer expectations tracking views on where the economy is headed in the near future plunged to 56.3 from 62.5, similarly reversing much of the progress seen in recent months.

The biggest concern for Americans is sky-high inflation. 36% of consumers surveyed by the University of Michigan said their negative outlook stemmed from inflation. To their credit, there’s plenty to worry about. …read more

Source:: Business Insider

      

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