The University of Michigan’s latest consumer survey released Friday showed that sentiment declined 11% early this month to a reading of 47.6, lower than anything seen in the post World War II era, including during the Great Recession, the pandemic downturn and the historic inflation surge afterward.

That’s actually kind of amazing. I mean, yes, double-whammy from tariffs and fuel costs from the war, but I wouldn’t have expected it to go that far.