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U. of Michigan consumer survey: sentiment improved but uneven; tariffs lift short‑term inflation concerns
Summary
University of Michigan survey director Joanne Hsu told the revenue conference that consumer expectations improved since mid‑2022 but gains have been concentrated among higher‑income households; rising mentions of tariffs have boosted short‑term inflation expectations and prompted some purchase pull‑forward for durables and vehicles.
Joanne Hsu, director of the University of Michigan Surveys of Consumers, told the Consensus Revenue Estimating Conference that overall consumer sentiment has climbed about 50% from its June 2022 low, but the recovery is highly uneven and remains below long‑run averages.
Hsu said the upper third of the income distribution has seen roughly 70% improvement in sentiment since the trough, while the bottom third has improved only…
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