ANN ARBOR, Mich. — Consumer sentiment fell for a fourth consecutive month in April and is now at its lowest level since July 2022, according to the University of Michigan's Surveys of Consumers. 

The latest survey found Americans’ attitudes about current economic conditions fell about five points compared with March, while their expectations for the future dropped more precipitously, falling 32% since January.

The surveys’ chief economist said the decline in consumer expectations over the past three months was the steepest since the 1990 recession and reflected most age groups, political affiliations, and education and income levels.

“Consumers perceived risks to multiple aspects of the economy, in large part due to ongoing uncertainty around trade policy and the potential for a resurgence of inflation looming ahead,” Surveys Director Joanne Hsu said in a statement accompanying April’s results. “Most concerning for the path of the economy, consumers anticipate weaker income growth in the year ahead.”

About 60% of consumers in the April survey cited tariffs as a concern during their interviews — up from 44% who did so in March. They expect President Donald Trump's tariffs to increase inflation in the future.

Almost two-thirds of consumers expect unemployment to increase in the coming year — double the number who thought so six months earlier. In a development Hsu described as alarming, consumers are also worried that their prospects for increased income were worsening.

Less than half of consumers expect their incomes to grow in the coming year, and two-thirds expect their incomes’ purchasing power will erode.

“Without reliably strong incomes, spending is unlikely to remain robust amid the numerous warning signs noted by consumers,” Hsu said.