US consumer confidence falls for second straight month

US consumer confidence declined for the second consecutive month, hitting its lowest level since May (52.2 points), as long-term inflation expectations rose.

The Consumer Sentiment Index dropped 4.8% month-on-month to 55.4 in the preliminary September reading, down from 58.2 in August, compared with forecasts for no change, data from the University of Michigan on Friday showed.

The survey revealed that the Current Economic Conditions Index slipped 0.8% to 61.2 this month, while the Expectations Index fell 7.3% to 51.8.

While consumers’ inflation expectations for the next 12 months remained unchanged at 4.8% from August, long-term inflation expectations rose for the second straight month, reaching 3.9% in September versus 3.5% last month.