Morale among American consumers — sometimes referred to as "people" — deteriorated early this month, as the already dour post-COVID mood was not improved by worsening inflation or the arrival of a major European land war.
Driving the news: That University of Michigan survey showed that overall consumer sentiment dropped for the fifth time in the last six months in March, falling to an almost 11-year low.
Why it matters: "Why does anything matter?" our morose average American might ask.
- In all seriousness, the sour public mood suggests that inflation worries have totally eclipsed other indicators that show a pretty strong U.S. economy — such as unemployment at just 3.8%.
- It also bodes particularly ill for elected officials hoping not to be, well, unelected.