U.S. consumer confidence improved in September amid moderating inflation, though consumers remained cautious ahead of the November presidential election, a survey showed on Friday.
The preliminary reading of the University of Michigan’s overall consumer sentiment index was 69.0 this month, compared with the final reading of 67.9 in August. Economists polled by Reuters had forecast 68.5.
“A growing percentage of Republicans and Democrats now anticipate a Harris victory,” said Joanne Hsu, director of Consumer Surveys. “In line with their divergent views on the implications of a Harris presidency for the economy, partisan differences in confidence have widened.”
The poll came ahead of Tuesday’s debate between Republican candidate Donald Trump and Vice President Kamala Harris, the Democratic Party’s candidate for the Nov. 5 election.
The survey reading of inflation expectations for one year fell for the fourth consecutive month to 2.7%. This is the lowest level since December 2020, compared with 2.8% in August.
Meanwhile, the five-year inflation outlook rose to 3.1% from 3.0% the previous month.
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