More American consumers are feeling less confident about the state of the U.S. economy, according to the preliminary results of the closely watched monthly survey by the University of Michigan.
The Consumer Sentiment Index declined to 55.4 in September, down from 58.2 in August, representing a 21 percent decrease from the same time last year.
Joanne Hsu, the survey’s director, noted that consumers continue to observe growing risks in employment conditions, inflation, and business conditions, driven by concerns about trade policy.
“This month’s easing in economic views was particularly strong among lower and middle income consumers. Buying conditions for durables improved, while all other index components fell,” Hsu stated….