(NewsNation) — American consumers haven't felt this gloomy in over three years, back when inflation was surging around 9%.

Consumer sentiment slipped to 50.3 in early November, the lowest level since June 2022, according to preliminary data from the University of Michigan. The reading is one of the weakest for the index since the survey began in 1952.

"With the federal government shutdown dragging on for over a month, consumers are now expressing worries about potential negative consequences for the economy," Joanne Hsu, the survey's director, said in a statement.

The drop came as Americans grew more downbeat about their current finances and was broad-based across age, income and political groups, Hsu noted.

Sticky inflation, President Donald Trump's trade policies and a cooling labor

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