Michigan survey shows US consumer sentiment falls to 47.8, below expectations
MacroCommodity
A University of Michigan survey showed that the preliminary US consumer sentiment index plunged to 47.8 in September, below analysts' forecast of 51.0 and down from 51.7 in August. The index was hit by surging oil prices and trade tensions between the United States and its trading partners, while both the current economic conditions index and the expectations index declined in September. Consumers expect inflation to rise 4.6% over the next year, higher than the 4.0% forecast in August, and expect inflation to rise 3.4% over the next five years, above the 3.3% forecast in August.
