The University of Michigan's Consumer Sentiment Index fell to a record low of 44.8 in May, the lowest in the survey's history since 1952, even as stock markets rally to record highs and consumer spending remains strong. Spending rose 0.9% month-over-month in May, the fourth consecutive monthly increase, despite prices being up 4.2% year-over-year. The Conference Board's consumer confidence index, by contrast, registered 93.1, a slight decline but near the historical average. Some analysts argue the Michigan survey's shift from phone to online polling in 2024 may have skewed results negatively, while others point to a widening partisan gap in sentiment that now exceeds gaps by income, age, or education combined. Hard economic data such as retail sales, corporate earnings, GDP growth, and S&P 500 performance all point to a stronger economy than the Michigan survey suggests.