Today, the University of Michigan Consumer Sentiment Survey released its final reading for February, which confirms that consumers’ views of the economy are plunging. Falling nearly 10%, the drop in consumer sentiment was unanimous across groups by age, income, and wealth. Long-run economic outlook is at its lowest level since November 2023.
This comes after a week of polling on President Trump’s handling of the economy found widespread disapproval:
Trump took office promising to lower prices for families struggling to keep up, but his attention so far has been anywhere but on kitchen table issues. As Groundwork Collaborative Chief of Policy and Advocacy Alex Jacquez wrote in a recent op-ed for MSNBC:
“If Trump were serious about lowering prices, then he’d be working to ensure that the wealthy and big corporations pay their fair share in taxes, not receive a massive giveaway. He’d be cracking down on monopolies and large corporations that use their market power to profit off consumers, not shutting down the agency that protects them.
“Unfortunately, it appears that Trump has pulled off another con job.”
Jacquez reacted to this week’s polling and consumer sentiment data with the following statement:
“The American people wanted lower prices. Instead, President Trump is letting Elon Musk meddle with their tax return and Social Security check. It’s no wonder President Trump’s approval rating on the economy has already tanked.”
Email press@groundworkcollaborative.org to speak with a Groundwork expert about consumer sentiment and Trump’s economic record.