Higher oil prices have seeped into consumer confidence, according to the latest University of Michigan survey. The April consumer confidence report's headline index fell to 47.6, an all-time low, which was down 10.7% compared to the prior month. Americans' inflation expectations jumped sharply amid the ongoing conflict with Iran. Changes in consumer confidence can impact spending, which represents roughly two-thirds of the US economy.
Source: University of Michigan survey of consumers, as of April 23, 2026.