Today, the University of Michigan Consumer Sentiment Survey showed plunging consumer sentiment and skyrocketing inflation expectations over the next year. The month-over-month increase in inflation expectations was one of the five largest increases in 14 years. Consumer sentiment is at its lowest since July.
Groundwork Collaborative Chief of Policy and Advocacy Alex Jacquez reacted with the following statement:
“The Trump Administration has no real plan to lower costs for families, and consumers are already bracing for impact. Today’s consumer sentiment numbers suggest Americans are already calling Trump’s bluff on addressing the cost of living. Even independents and Republicans think inflation is about to get worse.
“Instead of lifting a finger to lower costs for working families, Trump has Elon Musk and his DOGE lackeys raiding Social Security and Medicare to pay for the ultra-wealthy’s next round of tax breaks. It’s no surprise that Americans are feeling worse about the economy.”
Email press@groundworkcollaborative.org to speak with a Groundwork expert about consumer sentiment and inflation expectations.