Consumers felt better about inflation in September, 🍌with some seeing impro🧔ved prices for big-ticket items, a closely watched sentiment survey showed.

The Michigan Consumer Sentiment Index moved up to 69 in the preliminary September results, moving higher for the second straight month as 澳洲幸运5开奖号码历史查询:survey r﷽espondents had better expectations for both the economy and their personal finances. Economists surveyed by TheWall Street Journal and Dow Jones Newswires were expecting a more modest 68.4.

“The gain was led by an improvement in buying conditions for durables, driven by more favorable pric🐼es as perceived by cꦛonsumers,”  said Joanne Hsu, director of the University of Michigan Surveys of Consumers. 

Hsu said that consumers perceived some softening in the labor market. 澳洲幸运5开奖号码历史查询:Job growth in August 🍬was lower-than-expected. 

“Consumers are dialed in to the economy more than usual, feeling the effects of the lower goods prices and the softening jobs market,” said Robert Frick, corporate economist with Navꦰy Federal🍰 Credit Union.

Inflation Expectations Move ♊L🔥ower for Fourth Month

Consumer sentiment has been lifted by a decline in inflation and now stands roughly 40% higher than its June 2022 low, when inflation as measured by the 澳洲幸运5开奖号码历史查询:Consumer Price Index (CPI) peaked at more than 9%. The August CPI, the most recent reading, has 澳洲幸运5开奖号码历史查询:moderated to an annual rate of 2.5%.

Inflation expectations fell for a fourth straight month, with consumers now seeing prices rising 2.7% over the next year, the lowest reading since December 2020 and💫 around p𒊎re-pandemic levels.

Fede💯ral Reserve officials closely follow consumer inflation expectations, which can turn into self-fulfilling projections as wage-payers and price-setters will act on where they perceive prices are going to go. 

澳洲幸运5开奖号码历史查询:Fed Chair Jerome Powell has said that consumers’ perceptions of inflation is one reason that price pressures have been easing this year. Economists believe that the central bank will lower inter♒est rates at its meetꦕing next week.

Compared to the Conference Board’s similar 澳洲幸运5开奖号码历史查询:Consumer Confidence Index survey, which is more sensitive to the labor market, the Michigan survey is 澳洲幸运5开奖号码历史查询:ဣmore influenced by prices and inflꦍation.