U.S. consumer confidence fell in October due to concerns about high prices, according to the University of Michigan Consumer Confidence Index.
After two months of gains, U.S. consumer sentiment fell 1.2 index points to 68.9 in October. According to To the investigation. Joan Hsu, director of consumer research, cited high prices as a cause of consumer dissatisfaction.
Some consumers may be “suspending judgment” on the trajectory of the U.S. economy ahead of the presidential election in November, Su wrote. According to the survey results, consumer sentiment in October was 8% stronger than last year.
SAN RAFAEL, CA – SEPTEMBER 25: A customer buys eggs at a grocery store on September 25, 2024 in San Rafael, California. (Photo by Justin Sullivan/Getty Images)
U.S. inflation fell slightly in September on concerns about a stronger-than-expected economy. The Consumer Price Index, which measures the prices of everyday goods, rose 2.4% annually in September, compared with 2.5% in August. According to Based on Thursday's release from the Bureau of Labor Statistics.
Inflation in September was lower than expected at 2.3%.
Employment growth in September also exceeded expectations, with the unemployment rate dropping to 4.1%, or 254,000 people. Nonfarm payroll jobs will also be added. (Related: IBM vice chairman says consumers are 'under tremendous pressure' and warns of economic 'softening'
Many voters see the economy as one of the most important issues in the upcoming presidential election. 54% of registered voters support former President Donald Trump over Vice President Kamala Harris when it comes to who should run the economy. According to According to a Gallup poll released Wednesday.
Inflation, which peaked at 9.1% in June 2022 under the Biden administration, has depressed consumer spending and left many businesses struggling to stay afloat. Housing costs also soared in July, accounting for almost 90% of total inflation.
Anxiety among small business owners reached an all-time high in September, with some small businesses being forced to raise prices.
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