Consumers plan to tighten their restaurant spending this summer

There are several consumer signals flashing red right now, indicating that Americans are feeling pessimistic about the current (and future) state of the economy. Perhaps the most urgent signal is the University of Michigan's consumer sentiment survey, which tumbled by more than 10% month-over-month in April and is nearly 35% lower than it was a year ago. April marked the second lowest reading in the survey's history dating back to 1952.