"Prices at the pump hold a very uniquely salient point in people's minds. Maybe it's the big signs with the big luminescent numbers that everyone drives by constantly. They're very aware of these prices."
"When it's more expensive to fill up the tank, Americans tend to report more dire feelings about economic conditions and where they're going."
In April, the University of Michigan's Consumer Sentiment Index reached an all-time low, largely influenced by rising gas prices. A strong correlation exists between gas prices and consumer sentiment, as higher costs lead to more negative perceptions of economic conditions. Most Americans rely on personal vehicles for commuting, making gas prices a constant concern. Economist Matt Colyar notes that the visibility of gas prices contributes to their impact on consumer feelings. The last similar low in sentiment occurred in June 2022, coinciding with record-high gas prices and inflation.
Read at www.businessinsider.com
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