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- U.S. consumer sentiment index rises slightly less than expected in early September
U.S. consumer sentiment index rises slightly less 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 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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