Consumer Sentiment was 72.8 in September according to the University of Michigan Consumer Sentiment Index. September’s figure was 2.5 points greater than the August reading however is 7.6 points listed below the September 2020 index. The Current Economic Conditions Index increased 1.6 points from the previous month to 80.1 however is 7.7 points listed below the September 2020 index. The Consumer Expectations Index increased 3.0 indicate 68.1 however is 7.5 points lower from a year back.
“Consumer sentiment edged upward in late September, although the overall gain still meant the continuation of depressed optimism, initially sparked by the Delta variant and supported by persistent inflation and unfavorable long-term prospects for the national economy. Consumers do not view economic conditions as conducive to establishing an inflationary psychology, a self-fulfilling prophecy. Instead, consumers have favored postponement due to what they still consider a transient spike in prices. While this reaction may well fade in the months ahead, the shift toward postponement of purchases has been so significant that it could not be quickly reversed” stated Richard Curtin, primary financial expert of UM Surveys of Consumers.
Read the University of Michigan Surveys of Consumers release.