The University of Michigan's consumer sentiment for the US rose slightly to 71 in September of 2021 from a decade-low of 70.3 in August, preliminary estimates showed. Today's reading came in slightly weaker than the market expectation of 72.0. Further details of the publication revealed that the Current Conditions Index fell to 77.1. from 78.5 and the Consumer Expectations Index jumped to 67.1 from 65.1. The survey’s one-year inflation outlook rose back to 4.7% this month to match July’s reading, which had been the highest since 2008, from 4.6% in August. The five-year outlook remained unchanged at 2.9%.
Consumer sentiment in the US has seen a slight improvement in September after falling sharply in August. Still sentiment remains near 2011 lows. Source: Bloomberg via ZeroHedge
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Create account Try a demo Download mobile app Download mobile appAt first glance US consumer sentiment steadied in early September after plunging the month before. However, today's reading shows that an increasing number of Americans are concerned about rising prices which led to a deterioration in confidence in recent months.
“Although declining living standards were still more frequently cited by older, poorer, and less educated households, over the past few months, complaints about rising prices have increased among younger, richer, and more educated households,” Richard Curtin, director of the survey, said in a statement.
Consumers are especially pessimistic about buying conditions for homes, vehicles and long-lasting home goods, with consumer perceptions of those markets near all-time lows.
