US consumer sentiment unexpectedly worsened significantly in September
Consumer sentiment fell for the second straight time due to rising inflation. The barometer fell to 103 points from the revised 108.7 points in August.
Consumers are worried about rising food and petrol prices.
Image: Al Drago/Bloomberg
Consumer sentiment in the US deteriorated surprisingly sharply in September based on recent inflation. A barometer of consumer sentiment fell to 103.0 points from a revised 108.7 in August, the Conference Board reported in its survey on Tuesday. This is the second decline in a row. Economists polled by Reuters had only expected a decline of up to 105.5 points. “Consumers are concerned about rising food and gasoline prices in general, and in particular,” said Conference Board Chief Economist Dana Peterson. The political climate and increased interest rates were also cited as disruptive factors.
Consumers rated the situation a little better than before: the barometer increased by 0.4 to 147.1 points. However, the barometer for expectations fell to 73.7 points from 83.3. So it’s below the 80 mark, which is considered a bearish signal for the coming year.
Despite the Fed’s tight monetary policy, inflation in the US has been rising recently. Consumer prices rose 3.7% in August for the second month in a row, after 3.2% in July.
Reuters
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