WASHINGTON (MNI) – U.S. consumer sentiment ended September at its
highest level since May, although it fell from the level reported
earlier this month, according to the University of Michigan Consumer
Sentiment survey released Friday.
The final reading of September consumer sentiment index was 78.3,
compared to the flash estimate of 79.2 and 74.3 in August. This was
below the median expectation of 79.0 in MNI’s survey of economists. The
index came in at 72.3 in June and 73.2 in June.
The index’s measure of how consumers view current conditions came
in at 85.7 down vs. the initial reading of 88.3 and compared to 88.7 in
August. The index was 82.7 in July, and 81.5 in June’s report.
The final guage of consumers’ expectations of future conditions was
essentially unchanged at 73.5 from 73.4 in the preliminary report, and
is also the highest level since May. This index came in at 65.1 in
August, 65.6 in July and 67.8 in June.
September’s final reading for 1-year inflation expectations dipped
to 3.3% compared to initial expectations of 3.5%. August’s expectation
was 3.0%, July 2.7%. Five-year inflation expectations are at 2.8%
unchanged from earlier this month. August’s expectation was for 3.0%, it
was 2.7% in July.
The rise in consumer sentiment is in keeping with other datat
released this week. Tuesday, the Conference Board’s measure of consumer
confidence surged to 70.3 in September from 61.3 in August, a
seven-month high that trounced economists expectations. Respondents in
particular had a more favorable view of the job market going forward —
with more consumers expecting employers to add positions in the coming
months.
** MNI Washington Bureau: 202-371-2121 **
[TOPICS: M$U$$$,MAUDS$]
