Sentiment among U.S. consumers deteriorated further in September.
The University of Michigan’s Index of Consumer Sentiment fell to 47.8 in the preliminary September reading from 51.7 in August, a 7.5% monthly drop that leaves it the second-lowest print in the survey’s history and 13.2% below where it stood a year ago.
The damage was almost entirely forward-looking. The Index of Consumer Expectations plunged 11.1% to 45.8, while Current Economic Conditions slipped just 1.9% to 50.9.
Fuel Prices Did The Damage
Surveys of Consumers Director Joanne Hsu said sentiment has now fallen for a second consecutive month, with Democrats and Republicans both posting sizable declines while independents were little changed.
