How do American households feel about their finances and the economy, and how does that compare with the past? This exhibit tracks the University of Michigan’s Index of Consumer Sentiment through every monthly reading since 1978, so you can see whether today’s mood is ordinary or historically unusual.
My take (October 2026)
Consumer sentiment isn’t just low. It’s at an historic low, and it has been there for an historically long time. The 12-month average now stands at the lowest level of any month since the monthly series began in 1978, and it has been in the bottom 5% of the index’s history for 12 straight months, the longest such stretch on record.
The monthly series only goes back to 1978, so any comparison with earlier eras is speculation. But it’s quite possible Americans are feeling worse about their economic situation today than at any time since the Great Depression.