Americans had been feeling better about the economy in recent months.
Now, though, their confidence is waning a bit.
According to the University of Michigan’s most recent consumer index, U.S, consumers have a dimmer outlook on the economy now than they did the last two months.
The index reached 70.1 in September, its highest level since May, but then dipped back down to 68.9 in October.
At the core of their hesitance, according to Joanne Hsu, director of consumer surveys at the University of Michigan is continuing high prices.
“Consumers continue to express frustration over high prices,” Hsu said, according to the Associated Press.
Many consumers appear to be reserving judgement about the economy while they wait for the presidential campaign to finish, Hsu added.
The survey hit its lowest point in June 2022, when the national inflation rate hit 9.1 percent. Since then, it’s gone up some 40 percent. It remains significantly below pre-pandemic levels, the AP reported.
