According to The Kobeissi Letter analysis, U.S. consumer expectations for the economy fell to crisis levels: The Consumer Confidence Index plunged 8 points to 86 in April, the weakest level since May 2020. It also marked the fifth consecutive month of declines, with confidence declines widespread across all age groups and most income groups. Worryingly, consumer expectations for the next six months fell 13 percentage points to 54, the lowest level since October 2011. Typically, readings below 80 signal an impending recession, according to the Conference Board, and Americans are more pessimistic about the economy's future than ever.