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(CNN) — The record-breaking government shutdown has left Americans feeling worse about the economic outlook. That’s according to the latest University of Michigan consumer sentiment survey, which showed the index falling to 50.3 this month from 53.6 in October.
It’s the lowest level since June 2022, which marked the lowest reading on record since the survey’s inception in the 1950s.
“With the federal government shutdown dragging on for over a month, consumers are now expressing worries about potential negative consequences for the economy,” Joanne Hsu, director of surveys of consumers at the University of Michigan, said in a statement.
The drop this month represents a 6.2% decline from October and a 29.9% decline compared to last November. Meanwhile, economists polled by FactSet had been anticipating a slight improvement this month.
The increased level of pessimism was “widespread” across different ages, income levels and political affiliations, Hsu noted. The one notable exception was consumers who are heavily invested in the stock market. They reported an 11% improvement in sentiment as the stock market hangs near record highs.
This story is developing and will be updated.
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