US consumer sentiment climbs to highest since May 2024

ISTANBUL

US consumer sentiment rose in September, climbing to its highest level since May 2024, according to preliminary results from the University of Michigan's consumer survey released Friday.

The index of consumer sentiment rose 1.1 points to 69.0 in September, from 67.9 in August.

The market expectation for the index was to come in at 68.3.

"The gain was led by an improvement in buying conditions for durables, driven by more favorable prices as perceived by consumers," Surveys of Consumers Director Joanne Hsu said in a statement. "Year-ahead expectations for personal finances and the economy both improved as well, despite a modest weakening in views of labor markets."

Hsu said a growing share of both Republicans and Democrats now anticipate a win by Vice President Kamala Harris in the November election.

Year-ahead inflation expectations, meanwhile, fell for the fourth consecutive month to 2.7% in September – the lowest since December 2020.