Consumer Sentiment Sinks to Decade Low

January 28, 2022

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5-15 mins
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U-M economist and director of the surveys Richard Curtin discusses how consumer sentiment has dropped nearly 5% in January, the lowest level since 2011. Although the Delta and Omicron COVID-19 variants impacted this decade low, there are other independent factors shaping this data. As supply chains and essential workers increased prices and wages, a “wage-price spiral that has subsequently developed is no longer tied to those precipitating conditions.” Curtin further offers insight into anticipated government actions to tame inflation and a predicted weakened economy in the future.

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