Gas prices top US consumer economic concerns, survey finds
Spontaneous mentions of gasoline hit 40% in June, the highest in over two years, while AI mentions rose to 11%.
According to the University of Michigan's Survey of Consumers, about 40% of respondents mentioned gasoline as a key economic factor in June, the highest reading in at least two years. That figure fell to roughly 31% in July, but remains well above the pre-Iran war level of around 10%.
Concerns about the economic impact of artificial intelligence have grown more gradually, reaching about 11% in July, up from just 1% in January 2025. AI has been mentioned by at least 10% of consumers for the third consecutive month.
Meanwhile, the share of consumers citing high prices eroding personal finances declined slightly from 56% in June to 50% in July, but this remains a dominant factor in shaping economic views. The data highlights persistent cost-of-living pressures, with gasoline costs remaining a top-of-mind issue for American households.
Source: The Kobeissi Letter