Consumer Sentiment, over time
What was happening
1Dot-com stocks peakMar 10, 2000
Technology stocks peak and then fall sharply through 2002. The Federal Reserve has linked the 2001 recession largely to the end of the dot-com boom. Source: Federal Reserve Board (Bernanke, 2010) ↗
22001 recessionMar–Nov 2001
An eight-month recession by NBER dates. The Federal Reserve has traced it largely to the end of the dot-com boom and the sharp fall in stock prices. Source: National Bureau of Economic Research ↗
3Great RecessionDec 2007–Jun 2009
An 18-month recession by NBER dates, the longest since World War II, following the collapse of the housing market and a financial crisis. Source: National Bureau of Economic Research ↗
4Lehman Brothers collapsesSep 15, 2008
The largest bankruptcy in U.S. history marks the most acute phase of the financial crisis. Source: Federal Reserve History ↗
5COVID-19 recessionFeb–Apr 2020
The shortest recession on record by NBER dates: two months, February to April 2020. Source: National Bureau of Economic Research ↗
6COVID-19 national emergencyMar 13, 2020
A national emergency is declared as the pandemic spreads; lockdowns and business closures follow. The public health emergency lasts until May 11, 2023. Source: Federal Register (Proclamation 9994) ↗
7Broad new tariffs announcedApr 2, 2025
Executive Order 14257 sets a 10% tariff on most imports, with higher country-specific rates, several of which were later paused or changed. Source: The White House (Executive Order 14257) ↗
University of Michigan Surveys of Consumers · Surveys of Consumers: Index of Consumer Sentiment · Monthly · Original source