University of Michigan's Index of Consumer Sentiment posted a preliminary September level of 69.0, up from 67.9 in August; consumer sentiment rose to its highest reading since May, led by improvement in buying conditions for durables

September 24, 2024 (press release) –

Preliminary Results for September 2024

Read our September 20th report, Presidential Election Expectations

Next data release: Friday, September 27, 2024 for Final September data at 10am ET
Surveys of Consumers Director Joanne Hsu
Consumer sentiment rose to its highest reading since May 2024, increasing for the second consecutive month and lifting about 2% above August. The gain was led by an improvement in buying conditions for durables, driven by more favorable prices as perceived by consumers. Year-ahead expectations for personal finances and the economy both improved as well, despite a modest weakening in views of labor markets.

Sentiment is now about 40% above its June 2022 low, though consumers remain guarded as the looming election continues to generate substantial uncertainty. A growing share of both Republicans and Democrats now anticipate a Harris win. Consistent with their divergent views of the implications of a Harris presidency for the economy, partisan gaps in sentiment inched up. Note that interviews for this release concluded prior to Tuesday’s debate; a more comprehensive look at election expectations will be released next week.

Year-ahead inflation expectations fell for the fourth straight month, coming in at 2.7%. The current reading is the lowest since December 2020 and is well within the 2.3-3.0% range seen in the two years prior to the pandemic. Long-run inflation expectations were little changed, edging up from 3.0% last month to 3.1% this month. Long-run inflation expectations remain modestly elevated relative to the range of readings seen in the two years pre-pandemic.

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