UMich Consumer Sentiment Plummets, Worst Buying Conditions In History For Homes, Cars, & Appliances

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Consumer sentiment crashed in early August data according to UMich Sentiment survey with the headline plunging from 81.2 to 70.0 - that is weaker than the April 2020 lows. 'expectations' collapsed too.
"just 32% of consumers thought that the economy would improve, well below last month’s 45% and the 50% in June"
Over the past half century, the Sentiment Index has only recorded larger losses in six other surveys, all connected to sudden negative changes in the economy: the only larger declines in the Sentiment Index occurred during the economy’s shutdown in April 2020 (-19.4%) and at the depths of the Great Recession in October 2008 (-18.1%).
short-term inflation expectations eased, long-term inflation expectations rebounded back to multiyear highs, inflation was expected to average 3.0% over the next five years, up from 2.8% in the past two months, regaining the same level as in May.