U.S. Consumer Sentiment Dips In September Due To Hurricanes
September 15 2017 - 06:12AM
RTTF2
Reflecting a deterioration in consumer expectations, the
University of Michigan released a report on Friday showing a
pullback in U.S. consumer sentiment in the month of September.
The preliminary report said the consumer sentiment index dropped
to 95.3 in September after climbing to 96.8 in August. Economists
had expected the index to fall to 95.1.
"Consumer confidence edged downward in early September due to
concerns over the outlook for the national economy," said Richard
Curtin, the survey's chief economist.
The index of consumer expectations slid to 83.4 in September
from 87.7 in August, reflecting the impact of Hurricanes Harvey and
Irma.
Curtin said, "Across all interviews in early September, 9%
spontaneously mentioned concerns that Harvey, Irma, or both, would
have a negative impact on the overall economy."
"Among those who mentioned the hurricanes, the Sentiment Index
was 80.2, while among those who did not spontaneously mention
either hurricane, the Sentiment Index remained unchanged from last
month at 96.8," he added.
Meanwhile, the report said the current economic conditions index
rose to 113.9 in September from 110.9 in August, reaching its
highest level since November of 2000.
On the inflation front, one-year inflation expectations edged up
to 2.7 percent in September from 2.6 percent in August, while
five-year inflation expectations inched up to 2.6 percent from 2.5
percent.
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