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<br />xiii <br /> <br /> <br />The U.S. economy and GDP growth is fueled by consumer spending, meaning that consumer sentiment about <br />the health of the economy and their willingness to spend can be an important indicator. A University of Michigan <br />survey released in April showed that consumer sentiment dropped sharply to the second lowest level going back <br />to 1952 and lower than anything seen during the Great Recession. <br /> <br />There were also concerns about inflation. The cost of tariffs is typically passed on to consumers in the form of <br />higher prices, suggesting that inflationary pressure would likely to persist. <br /> <br /> <br /> <br /> <br />7.C. - Page 25 of 269 <br />44