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SEARCHMost are worried about overall economy and personal situations, particularly job market conditions and personal finances, survey finds.
Survey participants’ outlook for income and personal finances also fell in light of inflation, 44% mentioning the drag of their own volition – the most in a year.
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U.S. consumer sentiment waned from August, observed across most demographics with one exception.
The University of Michigan consumer survey found that consumers with sizable stock holdings held onto the same perspective on the economy and related conditions as last month.
Its sentiment index is down 5% from August to 55, which is about 22% off a year earlier. When broken down to sentiment on current conditions, it’s down 2% month-over-month and 5% year-over-year to 60. It’s down the most when it comes to looking down the road, about 8% from August and 31% year-over-year.
The declines come as the U.S. economy faces ongoing shifts in federal trade policy, with the highest tariff rates in generations, along with regulation changes, low hiring and stubborn inflation, while stock markets have proved choppy.
Expectations were particularly down this month for labor markets and business conditions, according to survey findings. Survey participants’ personal outlook also fell for income and personal finances in light of inflation, 44% mentioning the drag of their own volition – the most in a year.
Though inflation expectations for the coming year were about flat, long-term inflation outlook rose for the second consecutive month, though it's down from an April surge.
Originally posted on Auto Dealer Today
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