Due to inflation concerns dragging them down, U.S. consumer confidence has fallen to a record low.

Odaily Planet Daily News: Affected by the Iran war, the U.S. consumer confidence index fell to its lowest point in history in May, and long-term inflation expectations also significantly deteriorated. Data shows that the University of Michigan's final consumer confidence index for May fell to 44.8. Consumers expect an annualized price increase of 3.9% over the next five to ten years, up from 3.5% in April, marking a seven-month high. They also expect prices to rise by 4.8% over the next year. Gas prices continue to hover near their highest levels since 2022, exacerbating American concerns about the rising cost of living and the failure to reach an agreement to end the war. The impact of inflation on household budgets, especially for low-income consumers, poses risks to the future consumption outlook. Joanne Hsu, the survey's director, said: "The cost of living issue remains the most prominent concern. 57% of respondents proactively pointed out that high prices are eroding their personal finances, an increase from 50% last month." She added: "The key point is that consumers seem worried not only that inflation will spread beyond fuel prices to other areas, but also that this upward trend could persist for a long time into the future." (Golden Ten)