In Michigan, consumer sentiment is pessimistic before midterms
Summary
Many people in Michigan feel unhappy about the economy just weeks before the midterm elections. Despite some rising wages and a good stock market, the cost of living remains high, with inflation making it hard for people to afford everyday expenses like groceries, gas, and housing.Key Facts
- A University of Michigan survey shows consumer confidence is very low, reaching levels not seen since the 1970s and 2008 financial crisis.
- People of all political parties—Democrats, Republicans, and Independents—are feeling worse about the economy during President Trump’s current administration than during his first term.
- Inflation is outpacing wage growth, meaning most people’s income is not keeping up with rising prices.
- Grocery prices have increased by more than 4% in the past two years, and gas prices are up by 35%.
- Mortgage interest rates are high, above 7%, making homes less affordable for many buyers.
- High mortgage rates have led to houses staying on the market longer because buyers can no longer afford previous prices.
- President Trump promised to lower inflation and reduce costs, but many consumers feel he has not delivered on those promises so far.
- Some people think tariffs implemented during President Trump’s administration have raised prices but might help create U.S. manufacturing jobs in the long term.
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