The LSEG/Ipsos Primary Consumer Sentiment Index for September 2025 is at 52.4. Fielded from Aug. 22 – Sept. 2, 2025, the index is down 1.1 points from last month.
The index has declined following stability the past two months. It now sits nearly three points lower than its reading from this time last year.
The current sub-index is down slightly this month, though it does sit half a point higher than its reading from this time last year. In contrast, the investment sub-index is the only one to show stability this month and is in line with its September 2024 reading.
The expectations sub-index is down one point this month. It now sits nearly seven points below its reading from this time last year.
Lastly, the jobs sub-index is down more than a point this month and shows the largest decline among the sub-indices. It is now more than four points below its reading from a year ago.
The Current Index reads at 44.7, down 0.5 point from last month. The index now sits 0.5 point higher than its reading from this time last year (44.2).
The Expectations Index reads at 57.5, down one point this month. The index is now 6.8 points lower than its September 2024 reading (64.3).
The Investment Index is at 47.1, stable (-0.3 point) from August. The index remains in line with its September 2024 reading (46.9).
The Jobs Index reads at 62.0, down 1.7 points from August. The index now sits 4.3 points below its reading from a year ago (66.3).
“September’s LSEG/Ipsos Primary Consumer Sentiment Index finds that overall American consumer sentiment weakened slightly this month,” Johnny Sawyer of Ipsos said. “While this month marks the first decline for consumer confidence since May, the index is now down nearly three points compared to a year ago, largely due to a rocky first half of the year.”
“This month’s decline can largely be attributed to a drop in the Jobs sub-index, which measures consumers’ perceptions about their job security and the jobs market. The latest jobs report shows that job growth has significantly stalled, and unemployment is now at its highest point (outside of the COVID-19 pandemic) since this time in 2017. Uncertainty has been the defining characteristic of 2025, and as the year enters its final quarter, it does not appear things will change anytime soon.”
“Inflation rose in August, passing the cost of tariffs onto consumers, while the unemployment rate climbed to a new high of 4.3%,” Jharonne Martis, director of consumer research at LSEG, said. “Amid these pressures, the LSEG Retail/Restaurant Index, which had seen strong double-digit earnings growth over the past two years, has dropped to single-digit growth and now projects a blended earnings increase of just 1.2% for Q3 2025, underlining a broader slowdown in consumer spending.”
