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U.S. Consumer Sentiment Deteriorates More Than Expected In September
(RTTNews) - Preliminary data released by the University of Michigan on Friday showed consumer sentiment in the U.S. deteriorated by more than expected in the month of September.
The report said the consumer sentiment index fell to 67.7 in September from 69.5 in August. Economists had expected the index to edge down to 69.1.
The bigger than expected drop by the headline index came as the current economic conditions index plunged to 69.8 in September from 75.7 in August.
Meanwhile, the University of Michigan said the index of consumer expectations rose to 66.3 in September from 65.5 in August.
"Sentiment this month was characterized by divergent movements across index components and across demographic groups with little net change from last month," said Surveys of Consumers Director Joanne Hsu.
She added, "Notably, though, both short-run and long-run expectations for economic conditions improved modestly this month, though on net consumers remain relatively tentative about the trajectory of the economy."
The report also said year-ahead inflation expectations tumbled to 3.1 percent in September from 3.5 percent in August, hitting the lowest level since March 2021.
Long-run inflation expectations also fell to 2.7 percent in September from 3.0 percent in August, falling below the narrow 2.9-3.1 percent range for only the second time in the last 26 months.
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