The monthly University of Michigan consumer sentiment survey appears to show Americans generally feeling better about the economy. While still well below the historical average, consumer sentiment crept higher since May, and has rebounded substantially from the June 2022 all-time low. But something under the surface of this indicator may be bubbling up a red flag. A reading on current conditions within the headline index worsened in September due to higher gasoline prices, among other factors. If this trend persists, the headline index could deteriorate in the future.