Goldman Sachs economist Joseph Briggs informed clients that the University of Michigan Consumer Sentiment Index fell to a historic low this year, dropping 13% year-over-year in September, with an almost 8% decline in August alone. He believes that, in addition to inflationary pressures, widespread societal pessimism is one reason for the disconnect between consumer confidence and economic data. Briggs cited survey data from the University of Chicago, noting that the percentage of respondents who reported being "very happy" has decreased from 31% in 2016 to 23% in 2024, while the percentage of those who are "not too happy" has risen from 13% to 20%.