US consumer sentiment worsened in September, according to a University of Michigan survey

The University of Michigan’s consumer sentiment index fell to 55.1 in September, the lowest since May, from 58.2 in August, according to final data released Friday.

The preliminary estimate released on September 12 had been for a slightly more favorable reading of 55.4.

September was the second consecutive monthly decline.

The September reading was 21.6 percent lower than a year ago, and down 5.3 percent month-on-month, according to final data.

Consumers continue to see a number of vulnerabilities in the economy, with risks to business conditions, the labor market and inflation rising. The deterioration in sentiment was strongest among lower- and middle-income households.

Consumers continued to express frustration over persistently high prices, with 44 percent of respondents reporting that high prices are hurting their personal finances, a rate not seen in a year. The September survey found that consumers are feeling pressured by the prospect of higher inflation and the risk of a weaker labor market.

Among the sub-indices, the consumer expectations index for the next six months fell to 51.7, a four-month low, from 55.9 in August, compared with a preliminary estimate of 51.8.