Consumer sentiment in the US is lower than when inflation was 9.1% — Fortune

In the United States, the consumer sentiment index fell below its June 2022 level, when annual inflation peaked at 9.1%. In September 2026, inflation stood at 3.7%, while consumer sentiment, according to the University of Michigan, was 10% lower than a year earlier, Fortune reports.

Economic indicators and sentiment

The publication notes that despite high consumer spending, significant business investment, and low unemployment, Americans are increasingly pessimistic about the state of the economy. The University of Michigan consumer sentiment index takes into account respondents’ assessments of their own finances, short- and long-term economic prospects, and whether it is a favorable time for major purchases.

Article author Erin Kay Lockwood notes that inflation declined significantly after its 2022 peak, but this did not improve public assessments of the economy. Real wages rose from 2022 through the first half of 2026, but began to decline in recent months, which, in the author’s view, may explain the growing pessimism.

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Spending and wealth inequality

According to the data cited in the publication, the wealthiest 10% of Americans account for half of consumer spending in the country. At the same time, spending by the 80% of Americans with the lowest incomes is not keeping pace with inflation. The combined wealth of the richest 0.1% of American households is five times greater than that of the bottom half of households.

Lockwood suggests that the gap between strong overall economic indicators and weak consumer sentiment may be linked to income and wealth inequality. In her view, survey participants may assess not only their own financial situation, but also equality of opportunity and economic fairness in the United States.

The economy ahead of the midterm elections

A Pew Research survey in early October 2026 showed that 84% of registered US voters consider the economy a very important factor in voting in the midterm elections. This was the response of 82% of Republicans and 88% of Democrats. According to the article, the economy was the least polarized topic among the issues included in the survey.