U.S. consumer confidence weakened in September, with the University of Michigan index falling to 55.4 from 58.2 in August. The Current Economic Conditions index edged down to 61.2 from 61.7, while the Expectations index slumped to 51.8 from 55.9.
On inflation, short-term expectations were unchanged at 4.8% for the year ahead, but long-term expectations ticked up again to 3.9%. The back-to-back rise in long-run expectations signals lingering concern among households that price pressures may prove persistent.
The UoM noted that consumers continue to flag multiple vulnerabilities across the economy, including business conditions, labor markets, and inflation.
