At a 4 May White House small business summit, checks found March University of Michigan sentiment at 53.3, the ninth-lowest monthly reading since 1978.
The Conference Board index fell from 109.5 in Biden's final full month to 92.8 in April 2026, while Silver Bulletin showed Trump's economic net approval at minus 24 points in early May.
The White House cited retail sales, which rose faster than late in Biden's term, but analysts said inflation-adjusted spending has mostly fallen and tariff-driven price rises may distort sales.
When spending data and public sentiment tell opposite stories, which one truly predicts the economy's future?
With top earners driving spending, is the US economy masking a deeper crisis for the average family?
As tariffs and global conflicts raise prices, what tools can actually restore household purchasing power?