University of Michigan's Consumer Sentiment Index report for October 2024

US Consumer Sentiment Reaches Five-Month High of 70.1 in September After Fed’s Rate Cut

Sep 27, 2024, 02:24 PM

US consumer sentiment continued to rise in late September, reaching a five-month high of 70.1, according to the University of Michigan's final September survey. This marks an increase from the previous estimate of 69.0 and is the highest reading since April 2024. The rise in sentiment is attributed to increased optimism about the economy following the Federal Reserve's interest-rate cut. Additionally, fewer consumers expect unemployment to rise in the year ahead, with the final estimate showing 35% compared to 37% prior. The expectations component of the index also increased sharply to 74.4 from 73 in the previous month.