U.S. confidence softens as energy costs bite
Research - OCTOBER 18, 2021

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U.S. confidence softens as energy costs bite

by Andrea Zander

The University of Michigan sentiment index has softened in early October despite COVID-19 case numbers falling sharply, and incomes and wealth rising. Consumers nonetheless are clearly spending, according to ING.

The report said the change is related to the spike in energy costs. Gasoline prices have increased from a national average of $3.18 per gallon in September to $3.31 per gallon today. At this time in 2020, gasoline was less than $2.20 per gallon. Meanwhile, the surge in natural-gas prices has received a lot of media attention because of the implication for winter-heating bills.

To read the full report, click here.

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