Pessimism among consumers continued to be near record highs when the University of Michigan released its preliminary September reading of its consumer sentiment index on Sept. 11. Friday’s final reading improved slightly to 48.1 — but is still significantly below economists’ initial projections and 7% under August’s 51.7.

The score is still the second lowest in the index’s 74-year history, trailing only May’s 44.8. The respective readings in June and April of 49.5 and 49.8 are the only other times the index has fallen below 50.

September’s final reading represents a 12.7% decline in consumer sentiment from September 2025.

According to survey director Joanne Hsu, buying conditions for durable goods — those with a long lifespan — improved slightly “due to a perception that completing such purchases now would help consumers avoid higher prices in the future.”

Hsu said plunging outlooks for short-run business conditions were driven by concerns that elevated fuel prices and reescalating trade disputes could pass through to the economy.

“Overall, interviews reveal broad agreement across the political spectrum that the outlook for the economy has weakened since the beginning of the year,” Hsu said. “After particularly large declines in sentiment this month, Republican sentiment is now 20% lower than January 2026. Democrats are down 13% over the same period.”

The preliminary report for October will be released Oct. 11.