US consumer sentiment near all-time low as inflation bites
Survey data from the University of Michigan on the consumer sentiment index came in at 47.8 this month, down 7.5% from the month before.
US consumer sentiment tumbled in September to edge near an all-time low, according to data released by the University of Michigan on Friday. The survey showed the index at 47.8, a 7.5% decline from the previous month. As high prices take a toll on American households, the university's consumer sentiment index is nearing its lowest point.
Factors contributing to the drop include a surge in fuel prices and trade tensions, which are expected to put additional strain on consumers' wallets ahead of the midterm elections. Survey director Joanne Hsu commented that expectations for both personal finances and business conditions over the next year have plummeted. The index had previously reached an all-time low of 44.8 in May, driven by escalating energy costs resulting from US President Donald Trump's Iran war and tariff policies that disrupted global trade.
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