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- U.S. consumer sentiment better than initially estimated in September
U.S. consumer sentiment better than initially estimated in September
The
final reading for the September Reuters/Michigan index of consumer sentiment
came in at 72.8 compared to a preliminary reading of 71.0 and the August final
reading of 70.3.
Economists
had forecast the index to be unrevised at 71.0.
According
to the report, the index of consumer expectations surged 4.6 percent m-o-m to 68.1
from August’s final reading of 65.1, while the index of the current economic
conditions rose 2.0 percent m-o-m to 80.1 from August’s final reading of 78.5.
“Consumer
sentiment edged upward in late September, although the overall gain still meant
the continuation of depressed optimism, initially sparked by the Delta variant
and supported by persistent inflation and unfavorable long-term prospects for
the national economy,” noted Richard Curtin, Surveys of Consumers chief
economist. “Consumers do not view economic conditions as conducive to
establishing an inflationary psychology, a self-fulfilling prophecy. Instead,
consumers have favored postponement due to what they still consider a transient
spike in prices.”
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