University of Michigan's Index of Consumer Sentiment posts final September reading of 58.6, up from August's 58.2; buying conditions for durables, one-year economic outlook continued to rise, but offset by declines in long run business conditions outlook

Sample article from our Consumer Wellness

September 30, 2022 (press release) –

Final Results for September 2022

  Sep Aug Sep M-M Y-Y
  2022 2022 2021 Change Change
Index of Consumer Sentiment 58.6 58.2 72.8 +0.7% -19.5%
Current Economic Conditions 59.7 58.6 80.1 +1.9% -25.5%
Index of Consumer Expectations 58.0 58.0 68.1 +0.0% -14.8%

 

Next data release: Friday, October 14, 2022 for Preliminary October data at 10am ET

Surveys of Consumers Marks Leadership Change

Surveys of Consumers Director Joanne Hsu
Consumer sentiment confirmed the preliminary reading earlier this month and was essentially unchanged from the month prior, at less than one index point above August. Buying conditions for durables and the one-year economic outlook continued lifting from the extremely low readings earlier in the summer, but these gains were largely offset by modest declines in the long run outlook for business conditions. As seen in the chart, sentiment for consumers across the income distribution has declined in a remarkably close fashion for the last 6 months, reflecting shared concerns over the impact of inflation, even among higher-income consumers who have historically generated the lion's share of spending.

The median expected year-ahead inflation rate declined to 4.7%, the lowest reading since last September. At 2.7%, median long run inflation expectations fell below the 2.9-3.1% range for the first time since July 2021. Inflation expectations are likely to remain relatively unstable in the months ahead, as consumer uncertainty over these expectations remained high and is unlikely to wane in the face of continued global pressures on inflation.

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