Consumer confidence in the United States fell in September to its lowest level since May, amid growing concerns about inflation, the impact of tariffs and an increasingly uncertain economy.

According to the preliminary consumer confidence index published by the University of Michigan, the indicator fell 4.8%, falling from 58.2 points in August to 55.4 in September. This is a significant decline that reflects a more cautious mood on the part of consumers.

"Consumers continue to point to multiple vulnerabilities in the economy, with increasing risks to business conditions, the labor market, and inflation. Consumers also perceive risks to their own pocketbooks," explained Joanne Hsu, director of the University of Michigan Consumer Surveys.

Tariffs, and their direct effect on prices, are at the center of concern. According to the report, around 60% of respondents spontaneously mentioned the topic during interviews. The general perception is that these trade policies are beginning to affect the purchasing power of families, especially in low-income sectors.

“The corrosive uncertainty surrounding tariffs, other economic policies, and immigration continues to affect consumer sentiment. Rising prices and the real consequences of the tariffs are only just beginning to be felt. They are saying, ‘Ouch!’” notes an analysis by High Frequency Economics.

Although inflation expectations for next year remained stable at 4.8%, long-term projections rose for the second consecutive month, reaching 3.9% in September. This indicates that consumers are beginning to internalize the effects of the trade measures and anticipate their sustained impact on prices.

An additional study from the University of Michigan found that a majority of US adults plan to reduce their spending on products that have increased in price due to tariffs.Only 24% said they would maintain their usual consumption levels of those goods, according to August data. Lower-income households are the hardest hit by this situation.

"These households will not benefit from the recent increases in the stock markets and will feel the impact of higher prices more strongly, since tariffs function as a regressive tax," says Oxford Economics.

The firm anticipates that tax and trade changes will accentuate the divide among American consumers.

This loss of confidence occurs at a time when consumers, historically the engine of the US economy, are beginning to show signs of withdrawal. Purchases are becoming more selective, and uncertainty is becoming a determining factor in financial decision-making.