report from the University of Michigan revealed on Friday the preliminary
reading for the Reuters/Michigan index of consumer sentiment rose 1.0 percent
m-o-m to 71.0 in early September.
Economists had expected the index would come in at 72.0 this month, up from August’s final reading of 70.3.
According to the report, the index of current U.S. economic conditions fell 1.8 percent m-o-m to 77.1 in September from 78.5 in the previous month. Meanwhile, the index of consumer expectations surged 3.1 percent m-o-m to 67.1 this month from 65.1 in August.
According to Surveys of Consumers chief economist, Richard Curtin, the small gain still meant that consumers expected the least favorable economic prospects in more than a decade. “Just two components posted additional declines: buying attitudes for household durables fell again in early September to a low reached only once before in 1980, and long term economic prospects fell to a decade low. The decline in assessments of buying conditions for homes, vehicles, and household durables left all three near all-time record lows, with the declines due to spontaneous references to high prices.”
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