What version of Premiere Elements, what computer operating system, what microphone.
Premiere Elements and USB microphones have a history of problems. However, several claim that this generalization does not exist in later versions.
There is no official list of supported microphones that I have ever seen.
1. Have you rechecked your computer system sound (recording) settings?
2. Have you checked your Premiere Elements settings - Edit Menu/Preferences/Audio Hardware ASIO and the Input and Output settings?
Is your microphone not seen
a. In the Narration Tool dialog
as well as in the
b. ASIO setting Input?
Is your microphone recognized by other programs on the computer?
Do you have access to another microphone?
Please consider, and supply more details.