U.S. consumer sentiment falls to second-lowest level on record in September
U.S. consumer sentiment falls as inflation fears and energy costs climb See why households are growing more cautious and what rising prices may mean
Consumer sentiment in the U.S. dropped sharply in September as households grew more concerned about inflation and higher energy costs, according to the University of Michigan’s monthly Survey of Consumers released Friday.
The headline index fell to 47.8, down 7.5% from August and 13.2% from a year earlier. That marked the secondlowest reading in the survey’s history, which dates back to 1952. Survey director Joanne Hsu said expectations for both personal finances and business conditions weakened as fuel prices rose and trade tensions added to concerns.
Oneyear inflation expectations increased to 4.6%, the highest since June, while the current conditions index and expectations measure also declined. Separate government data showed gasoline and fuel oil prices rose sharply in August, reinforcing worries about household costs. Traders also raised expectations that the Federal Reserve could increase rates at its next meeting.