The University of Michigan says consumers lost confidence for the third straight month in September, worried about bad news about the global economy.
The university’s consumer sentiment index fell to 87.2 this month, lowest since October 2014 and down from 91.9 in August.
Richard Curtin, chief economist for the survey, said consumers are worried about signs of weakness in the Chinese economy and continued stresses on Europe’s economies.
“Consumers now believe that that global economic trends can directly influence their own job and wage prospects,” he said.
Still, the Michigan index is up from 84.6 a year ago. The government reported Friday that the U.S. economy grew at a robust 3.9 percent annual pace from April through June.
Via CNBC
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.