Standardized indicators:

Figure 1: U.Michigan Economic Sentiment (blue), Conference Board Confidence Index (brown), Gallup Confidence (green), all demeaned and divided by standard deviation 2021M01-2025m02. Red dashed line at “Liberation Day” Source: UMichigan, Gallup, Conference Board, and author’s calculations.

Morning Consult confirms the drop, but shows an late divergence in trends between Republicans and Democrats, which does not show up in the U.Mich series.

Notes: Data through 4/10.

It will be interesting to see if this pattern shows up in the final April U.Mich. figures.