(University of Michigan) US Consumer Sentiment Index in early September was 71.0, a marginal gain from 70.3 in the previous month. The sentiment was still down 11.7% year over year.
The small increase in the consumer sentiment index in September reflected a better outlook of economic prospects. Consumers now view the uptick in inflation as transitory and expect prices to stabilize or fall in the future.
The Index for Consumer Expectations edged higher to 67.1 in early September, up from 65.1 in August. The sentiment was still down by 11.2% year over year.
Despite the improvement in consumer sentiment and expectations, the index for current economic conditions fell to 77.1 in early September, from 78.5 in August. The sentiment was down by 12.2% year over year.
Surveys of Consumers chief economist Richard Curtin expects a slowdown of spending in the coming months and a rebound in 2022 as consumers go slow in the current inflationary environment.
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