On May 1, according to The Kobeissi Letter analysis, American consumers' economic expectations have dropped to crisis levels: the consumer confidence index fell by 8 points in April to 86, the weakest level since May 2020. This also marks the fifth consecutive month of decline, with the drop in confidence prevalent across all age groups and most income brackets. Worryingly, consumers' expectations for the next 6 months declined by 13 percentage points to 54, the lowest level since October 2011. According to the Conference Board, readings below 80 typically indicate an impending economic recession. Americans' pessimism about the economic future is unprecedented.