U.S. consumers are almost back to worrying about the economy like they did in May.

Consumer sentiment has dropped nearly three index points so far this month, according to preliminary data from the University of Michigan’s Index of Consumer Sentiment published Friday.

The last time consumers’ outlook on the economy looked this weak was in the wake of President Donald Trump’s global tariffs announcement in April.

In April and May, consumer sentiment sank to 52.2. Early September data shows consumer sentiment at 55.4, its lowest rate since then, according to the survey.

Joanne Hsu, Surveys of Consumers director, said in the release that this sentiment was “particularly strong” among lower- and middle-income consumers.

“Consumers continue to note multiple vulnerabilities in the economy, with rising risks to business conditions, labor markets, and inflation,” Hsu said. “Likewise, consumers perceive risks to their pocketbooks as well; current and expected personal finances both eased about 8% this month.”

The survey noted that consumers continue to expect unemployment to increase with a “heightened risk” to their own jobs. Consumers’ concerns are fairly aligned with their expectations for rising unemployment and “heightened risks of personal job loss” during the next five years.

This fear isn’t coming out of nowhere. Only 22,000 jobs were added in August, marking a continuation of a cooling labor market. In July, 79,000 jobs were added while June saw a net loss of 13,000 jobs. Just this Tuesday, the Bureau of Labor Statistics revised the number of jobs added from March 2024 to March 2025 down by 911,00 . And while the labor market took hit after hit, inflation continued to rise in August.

Tariffs also remain on consumers’ minds, with 60% of consumers “providing unprompted comments” about Trump’s trade war during interviews, Hsu noted, adding this is “little changed” from August.

This month’s early data represents a 21% drop from September 2024.

From last September to this January, consumer sentiment sat at an index above 70. In February it dropped to 64.7 and has jumped between a high of 61.7 and a low of 52.2 since then.

The Federal Reserve is expected to cut interest rates next week, which could offer consumers some much needed relief and improve their feelings toward the economy.