US consumer sentiment weakened in September, reaching its lowest level in four months as households became increasingly concerned about inflation and the impact of higher prices on their purchasing power. The latest University of Michigan survey also showed that consumers’ expectations for inflation increased during the month.
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The University of Michigan’s final Consumer Sentiment Index fell to 48.1 in September 2026, down from 51.7 in August. The final reading was slightly better than the preliminary estimate of 47.8. The September figure marked the lowest sentiment reading in four months.
Consumer Sentiment Down 15% From January
The University of Michigan said consumer sentiment has declined 15% from January 2026. Views of both current personal finances and expected personal finances over the next year weakened by around 10% during September, while concerns about high prices continued to increase.
University of Michigan Surveys of Consumers Director Joanne Hsu said, “Overall, interviews reveal broad agreement across the political spectrum that the outlook for the economy has weakened since the beginning of the year,” according to the September survey.
The survey also found that sentiment among Republicans was 20% lower than in January 2026, while sentiment among Democrats was 13% lower over the same period.
Inflation Expectations Rise in September
Inflation expectations became another major concern in the latest survey. Consumers now expect inflation over the next year to reach 4.6%, compared with 4.0% in August. The September reading was the highest since June.
The latest expectation is also considerably higher than the 3.4% recorded in February, before the Iran conflict began. Meanwhile, consumers’ five-year inflation expectations edged up to 3.4%, after remaining at 3.3% for three consecutive months.
Higher Prices Continue to Pressure Households
The survey indicates that concerns about purchasing power remain central to consumers’ economic outlook. The University of Michigan said views of personal finances weakened during September, while worries over high prices continued to climb.
The survey also found that buying conditions for durable goods improved somewhat, partly because some consumers believed making purchases sooner could help them avoid potentially higher prices in the future. At the same time, the short-term outlook for business conditions weakened amid concerns about elevated fuel prices and renewed trade disputes.
US Economic Outlook Remains Under Pressure
The September survey highlights growing concerns about the US economic outlook as consumers deal with elevated prices and higher inflation expectations. While the final sentiment reading was slightly above the preliminary estimate, it remained substantially below the August level.
The University of Michigan’s data show that the Current Economic Conditions Index stood at 50.9, compared with 51.9 in August, while the Index of Consumer Expectations fell to 46.3 from 51.5.
What Will Be the Impact on Gold and Silver Prices?
The weakening US consumer sentiment and rising inflation expectations could remain important factors for gold and silver prices in the coming sessions. A softer consumer outlook may increase market attention on US economic growth, interest-rate expectations and the future path of monetary policy.
Gold Prices May Get Support From Inflation Concerns
Gold could receive support if investors increasingly turn toward safe-haven assets amid concerns over inflation and weaker consumer confidence. The rise in one-year inflation expectations from 4.0% to 4.6% may strengthen demand for gold as a traditional hedge against inflation.
At the same time, the impact on gold will also depend on movements in the US dollar and Treasury yields, as well as expectations surrounding Federal Reserve policy. A decline in yields or expectations of easier monetary policy can generally improve the appeal of non-yielding assets such as gold.
FAQ’s
1. What was the US Consumer Sentiment Index in September 2026?
The University of Michigan’s final Consumer Sentiment Index stood at 48.1 in September 2026, down from 51.7 in August. The reading marked the lowest level in four months.
2. Why did US consumer sentiment decline in September?
The decline was linked to growing concerns about high prices, weaker views of personal finances and increasing expectations that inflation will remain elevated. The survey also pointed to concerns about fuel prices and trade disputes.
3. What are US consumers expecting for inflation over the next year?
Consumers’ year-ahead inflation expectations increased to 4.6% in September, compared with 4.0% in August. The latest reading was the highest since June.
4. How much has US consumer sentiment fallen since January 2026?
The University of Michigan said consumer sentiment was 15% lower than its January 2026 level in September. The survey also reported declines in sentiment across political groups.
5. What was the five-year US inflation expectation in September 2026?
Consumers’ expectations for inflation over the next five years edged up to 3.4% in September, following three consecutive months at 3.3%. The latest figure remains above the 2024 range of 2.8% to 3.2%.
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