A year before the pandemic hit the U.S., consumer sentiment was on the rise, eventually hitting the 101 mark in February 2020 before abruptly falling to 89.1 and then 71.8 over the next two months.
The latest consumer sentiment index declined by 9.4% to 59.1 from 65.2 in April, reversing gains realized last month.
The 59.1 represents a 59% fall from its pre-pandemic peak and is the lowest reading since August 2011.
What is the Consumer Sentiment Index?