U.S. Consumer Sentiment Rebounds Less Than Expected In September
September 17 2021 - 6:14AM
RTTF2
Consumer sentiment in the U.S. has seen a modest improvement in
September after falling sharply in August, according to a
preliminary report released by the University of Michigan on
Friday.
The report said the consumer sentiment index inched up by 71.0
in September from 70.3 in August. Economists had expected the index
to rise to 72.2.
The modest increase came after the consumer sentiment index
tumbled to its lowest level since December of 2011 in the previous
month.
"The steep August falloff in consumer sentiment ended in early
September, but the small gain still meant that consumers expected
the least favorable economic prospects in more than a decade," said
Surveys of Consumers chief economist, Richard Curtin.
The uptick by the headline index came as the index of consumer
expectations crept up to 67.1 in September from 65.1 in August.
On the other hand, the report said the current economic
conditions index edged down to 77.1 in September from 78.5 in
August.
The report also showed one-year inflation expectations inched up
to 4.7 percent in September from 4.6 percent in August, while
five-year inflation expectations were unchanged at 2.9 percent.
"Consumers have initially reacted by viewing the rise in
inflation as transitory, believing that prices will stabilize or
could even fall in the future," Curtin said.
"As a result, postponing purchases is seen as a viable
strategy," he added. "This implies a slowdown of spending in the
months ahead and a more robust rebound later in 2022."
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