Consumer sentiment hits record low

U.S. consumer sentiment has tumbled to a fresh record low in May as the ongoing conflict with Iran fuels deep anxiety about inflation and energy costs.

The University of Michigan index fell to 44.8, its lowest reading since the survey began in 1952.

Economists note that soaring gasoline prices are a primary driver of the pessimism, with many Americans struggling to afford basic necessities.

This historic low presents a significant political challenge for the administration ahead of the midterm elections.