Viewpoint: Americans' economic pessimism is unprecedented, and consumer confidence has dropped to crisis levels.

On May 1, U.S. consumer expectations for the economy fell to crisis levels, according to An analysis by The Kobeissi Letter: consumer confidence plummeted 8 points, falling to 86 points in April, the weakest level since May 2020. It also marks the fifth consecutive month of declines, with declining confidence widespread across all age groups and most income groups. Worryingly, consumer expectations for the next six months fell 13 percentage points to 54 points, the lowest level since October 2011. According to the U.S. Conference Board, typically, readings below 80 signal an impending recession. Americans are more pessimistic about the future of the economy than ever before.