Consumer Sentiment Falls to One-Year Low in September

Politics Reuters

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U.S. consumer sentiment dropped to its lowest level since September last year, a survey released on Friday showed.

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The University of Michigan's preliminary September reading on the overall consumer sentiment index slid to 85.7, compared with the final reading of 91.9 in August. It was also much lower than the median forecast of 91.2 among economists polled by Reuters. September's consumer sentiment index was the lowest since September 2014.

The survey's barometer of current economic conditions fell to 100.3 from 105.1 in August. It was below a forecast of 103.6. The current conditions reading was the weakest since October 2014.

The survey's gauge of consumer expectations fell to a one-year low of 76.4 from 83.4 in August and was way below an expected 82.8.

The survey's one-year inflation expectation, meanwhile, was 2.9 percent in September, from 2.8 percent in August, while the survey's five-year inflation outlook was 2.8 percent from 2.7 percent in August. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Meredith Mazzilli)