In May, US consumer confidence fell slightly, following a significant drop for four consecutive months.

On May 16, Joanne Hsu, director of consumer surveys at the University of Michigan, said that the consumer confidence index was basically flat this month, down only 1.4 points after four consecutive months of sharp declines. Since January 2025, market confidence has fallen by almost 30%. Nearly three-quarters of consumers spontaneously mentioned tariffs, up from nearly 60% in April; Trade policy uncertainty continues to dominate consumer perceptions of the economy. The investigation was conducted between April 22 and May 13 and ended two days after both China and the United States announced a moratorium on some tariffs. Many survey indicators showed some signs of improvement after the temporary tariff cuts, but these initial upturns were too small to change the overall picture – with consumers continuing to be pessimistic about the economy. So far, the initial reaction has echoed a slight uptick in sentiment following the partial suspension of tariffs on April 9, although sentiment continues to trend downward.