US consumer sentiment falls near all-time low

US consumer sentiment fell in September to near an all-time low, with the University of Michigan's index dropping to 47.8 as high prices weighed on households before the midterm elections.

The September reading was down 7.5 percent from the previous month, according to survey data released on Friday.

“With a resurgence in fuel prices and trade tensions, consumers anticipate greater pressures on their pocketbooks to come,” survey director Joanne Hsu said.

Hsu said expectations for year-ahead personal finances and business conditions both fell. The index reached its all-time low of 44.8 in May.