University of Michigan shows US consumer sentiment down to 48.1
You're not alone: US consumer confidence just dropped to its lowest point since May, mostly thanks to worries about rising prices.
The University of Michigan's latest survey shows the Consumer Sentiment Index fell from 51.7 in August to 48.1 in September (a 15% slide since January), signaling that people are feeling slightly more optimistic than economists expected.
Inflation expectations for next year 4.6%
Inflation expectations for next year jumped from 4% to 4.6%, so folks are bracing for things to get pricier.
People also reported feeling about 10% worse about their current and future finances compared to before.
Joanne Hsu, who leads the survey, noted that both Republicans and Democrats are feeling more pessimistic this year, with Republican sentiment down by 20% and Democratic by 13%.
Even long-term inflation worries ticked up slightly, showing that economic anxiety is sticking around for now.