William Blair：2026年经济周评：美国消费者状况良好，但这不是由消费者驱动的扩张（英文版）

The University of Michigan’s survey on consumer sentiment reached its lowest reading in history this month. Incredibly, the sentiment is lower today than it was during COVID, the global financial crisis, and even lower than 9/11, the stock market crash of 1987, and any recession since 1978. What’s so surprising is that the economy is not in recession and the unemployment rate is well below average at 4.3%. So what gives? In this Economics Weekly,