Americans are feeling more optimistic about the US economy and the upcoming election, according to the University of Michigan’s latest consumer survey. Consumer sentiment has improved notably this month, rising 2% from August and reaching its highest reading since May 2024. This increase is attributed to improved buying conditions for durable goods, driven by more favorable prices perceived by consumers. Despite the improvement, sentiment remains below pre-pandemic levels, but is 40% higher than the record low reached in June 2022 during a period of high inflation.
The survey also found that there is a growing belief among both Republicans and Democrats that Vice President Kamala Harris will defeat former President Donald Trump in the upcoming November election. This sentiment has increased following a recent presidential debate between Harris and Trump. In addition to feeling more positive about the economy, US consumers also feel more upbeat about inflation’s future. Expectations for inflation rates in the year ahead have declined for the fourth consecutive month in September, reaching its lowest reading since December 2020.
Overall, the optimism regarding the economy and the upcoming election is reflected in the latest consumer survey. Consumer sentiment has been on the rise for the second consecutive month, with a focus on more favorable prices for durable goods contributing to the increase. While sentiment remains below pre-pandemic levels, the improvement is significant, with confidence now 40% higher than the record low reached in June 2022 during a period of high inflation. This positive outlook is also evident in the growing belief among both political parties that Vice President Kamala Harris will win the November election.
The University of Michigan’s latest consumer survey, released Friday, shows that Americans are feeling a greater sense of optimism about the US economy this month, thanks to slower inflation. This increase in consumer sentiment is seen as a positive sign for the economy, as it indicates that consumers are feeling more hopeful about their financial prospects. Additionally, the survey notes that expectations for inflation rates in the year ahead have declined for the fourth straight month in September, reaching their lowest reading since December 2020.
In conclusion, the University of Michigan’s latest consumer survey paints a picture of growing optimism among Americans about the economy and the upcoming election. Consumer sentiment has risen notably this month, reaching its highest level since May 2024. This increase is driven by improved buying conditions for durable goods, as well as a more positive outlook on inflation. The survey also highlights a growing belief among both Republicans and Democrats that Vice President Kamala Harris will win the November election. Overall, the survey indicates that Americans are feeling more hopeful about the future and the direction of the country.
