Consumer pessimism at current levels last showed up during recessions like 2008 and the early 1980s. The gap between sentiment and economic data also looks like a typical pre-recession signal.
American consumers have NEVER been this pessimistic about the economy: The University of Michigan Consumer Sentiment Index fell to 49.8 in April, the lowest reading EVER in over 70 years of polling, with declines occurring across all income levels, ages, and political affiliations. This comes as gasoline prices posted the largest monthly jump in pump …
