University of Michigan Consumer Sentiment Index Falls To Record Low; CSG Restaurant Spending Index Also Falls

The University of Michigan’s Consumer Sentiment Index reached a milestone in the preliminary June reading, dropping 14% from the final May level and reaching its lowest recorded level in the index’s 76-year history: 50.2. The next closest reading was during the 1980 “interest-rate” recession. Almost all the gloom comes from consumer perceptions of inflation and…