US consumer sentiment hits lowest point since May
In September 2024, US consumer sentiment slid to its lowest since May, with the University of Michigan's index falling 4.8% from August and down 21% from last year.
People are feeling more anxious about jobs, inflation, tariffs, and where the economy is headed.
Inflation and tariffs are big worries
Most folks expect inflation to stick around at 4.8% over the next year, but what's really worrying them is jobs: 65% now think unemployment will rise soon.
Confidence in personal finances took a hit too, dropping by 8%, with many mentioning tariffs as a concern.
Job market shows 1st decline since late 2020
The job market isn't helping either—payrolls dropped by 13,000 in June (the first decline since December 2020), and past job numbers were revised down by nearly a million.
The New York Fed says people feel less sure than ever (since 2013) about finding new work if they lose their job.
All this adds up to a pretty cautious mood about what comes next.