WASHINGTON (AP) — Americans’ outlook on the economy improved for the second straight month in September, bolstered by lower prices for long-lasting goods such as cars and furniture.

The University of Michigan’s consumer sentiment index ticked up to 69 in its preliminary reading, from 67.9 in August and its highest level since May.

The survey bottomed out in June 2022, when inflation peaked at 9.1%, and has since risen by about 40%, though it remains signficantly below pre-pandemic levels.

“Consumers remain guarded as the looming election continues to generate substantial uncertainty,” said Joanne Hsu, director of consumer surveys at University of Michigan.

Rising consumer confidence can sometimes signal a greater willingness to spend, though Americans have largely continued to spend at a healthy pace even though their confidence, as measured in surveys, has been subdued.