Taps Coogan – May 14th, 2022

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The following chart, from Christophe Barraud, shows that the University of Michigan Consumer Sentiment index has hit levels commensurate with the depths of the Global Financial Crisis and lower than the 1981 and 1990 recessions.

The index also hit these levels in 2011 during the European Sovereign debt crisis and a similar albeit more modest spike in commodity prices that caused the ‘Arab Spring.’

Technically speaking we are not in a recession, but for the average Joe, the difference is starting to look academic.

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