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- U.S. consumer sentiment index increases much more than expected in early September
U.S. consumer sentiment index increases much more than expected in early September
A report from
the University of Michigan revealed on Friday the preliminary reading for the
Reuters/Michigan index of consumer sentiment increased 6.5 percent m-o-m to 78.9
in early September. This was the highest reading since March.
Economists had
expected the index would rise to 75.0 this month from August’s final reading of
74.1.
According to the
report, the index of current U.S. economic conditions surged 5.5 percent m-o-m
to 87.5 in September from 82.9 in the previous month. Meanwhile, the index of
consumer expectations climbed 7.0 percent m-o-m to 73.3 this month from 68.5 in
August.
“While the
recent gain was consistent with an unchanged flat trend, the data indicated
that the election has begun to have an impact on expectations about future
economic prospects”, noted Surveys of Consumers chief economist, Richard Curtin.
“Over the next several months, there are two factors that could cause volatile
shifts and steep losses in consumer confidence: how the election is decided and
the delays in obtaining vaccinations. While the end of the recession will
depend on these non-economic factors, the hardships endured by consumers can
only be offset by renewed federal relief payments,” he added.
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