U.S. Consumer Sentiment Improves Much More Than Expected In September
18 Septiembre 2020 - 05:14AM
RTTF2
After reporting an unexpected increase in U.S. consumer
sentiment in the previous month, the University of Michigan
released a report on Friday showing consumer sentiment continued to
improve in the month of September.
The preliminary report said the consumer sentiment index climbed
to 78.9 in September from 74.1 in August. Economists had expected
the index to show a much more modest uptick to 75.0.
The index reached its highest level since March but is still
well below the pre-pandemic reading of 101.0 seen in February.
The much bigger than expected increase by the consumer sentiment
index reflected improvements in consumers' assessment of current
conditions as well as their outlook for the future.
The current economic conditions index jumped to 87.5 in
September 82.9 in August, while the index of consumer expectations
surged up to 73.3 from 68.5.
"Over the next several months, there are two factors that could
cause volatile shifts and steep losses in consumer confidence: how
the election is decided and the delays in obtaining vaccinations,"
said Surveys of Consumers chief economist Richard Curtin.
He added, "While the end of the recession will depend on these
non-economic factors, the hardships endured by consumers can only
be offset by renewed federal relief payments."
On the inflation front, the report said one-year inflations
expectations tumbled to 2.7 percent in September from 3.1 percent
in August, while five-year inflation expectations edged down to 2.6
percent from 2.7 percent.
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