Consumer sentiment fell in September as surging fuel prices fuel inflation fears and looming midterm elections have dimmed the economic outlook for both Republicans and Democrats.
\n\nThe University of Michigan final consumer sentiment index fell to 48.1 in September from a month earlier, the worst reading in four months. That represents a slight improvement from the mid-month preliminary read of 47.8.
\n\nThe revival of inflation pressures due to the war with Iran has taken a heavy toll on consumer sentiment, pushing it toward historic lows. The Federal Reserve raised interest rates this month after it became clear that the Iran war would not quickly come to a close and oil prices were likely to remain elevated.
\n\n“The short-run outlook for business conditions plunged amid renewed worries that elevated fuel prices and re-escalating trade disputes could pass through to the economy as a whole,” Joanne Hsu, director of the survey, said in a statement.
\n\nDiesel hit a record high in September and the price of gasoline climbed sharply. Despite high fuel prices, consumers have not slowed spending in other parts of the economy, demonstrating a surprising resilience likely linked to the historic stretch of very low unemployment and the lowest year-to-date…
Original source: https://www.breitbart.com/economy/
