The University of Michigan preliminary consumer sentiment index for September 2026 fell to 47.8 from 51.7 in August against a 51.0 consensus - the second-lowest reading on record and the weakest since May's record low of 48, with the expectations component falling 15.7%. Sentiment is 16% below February, before the Iran war began. Survey director Joanne Hsu cited a resurgence in fuel prices and trade tensions.