U.S. Posts Sharp Drop in September Consumer Confidence
(MENAFN) University of Michigan data released Friday shows a sharp drop in U.S. consumer confidence, signaling growing concerns over economic stability and future inflation.
The University of Michigan's revised Consumer Sentiment Index for September came in at 55.1, a notable downward revision of 3.1 points from the preliminary estimate of 58.2 reported earlier in the month. The final reading also marks a decline from August’s level of 58.2.
Meanwhile, the Current Economic Conditions Index slipped 1.3 points to 60.4 in September, reflecting a more pessimistic view of present-day economic realities.
The Expectations Index—which gauges consumers’ outlook on future financial and economic conditions—posted an even steeper drop. It fell 4.2 points to 51.7, highlighting heightened uncertainty about the economy’s longer-term direction.
Inflation expectations were mixed. Consumers' one-year inflation expectations edged down slightly, moving from 4.8% in August to 4.7% in September. However, long-term inflation expectations climbed from 3.5% to 3.7%, suggesting growing unease about sustained price increases.
All figures were reported by the University of Michigan as part of its monthly consumer sentiment survey.
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