According to Jin10, the preliminary University of Michigan consumer sentiment index for September in the U.S. came in at 47.8, falling for a second straight month but by less than 4 index points. Democrats and Republicans both declined sharply, while independents were little changed from August. Expectations for personal finances and business conditions over the next year fell sharply, and consumers said fuel price rebounds and rising trade tensions would put more pressure on wallets. Five-year business expectations were steady but remained well below the historical average, suggesting consumers did not see the new risks that emerged this month as further worsening the long-term outlook. Overall, consumer sentiment was 16% below the level before the Iran conflict began in February and 13% below a year earlier. One-year inflation expectations jumped to 4.6% from 4.0% in August, the highest reading since June, while long-term inflation expectations edged up to 3.4% after holding at 3.3% for three straight months.