US consumer sentiment held steady in early September after falling to its lowest level in nearly a decade a month ago, but consumers have a bleak outlook on the outlook amid a tight bout of inflation, a survey showed on Friday. .
The University of Michigan said its consumer sentiment rose from 70.3 in August to 71 in the first half of September — the lowest since December 2011. Economists surveyed by Reuters had estimated a reading of 72.
The assessment of current conditions slipped further to 77.1 from 78.5 in August, while the survey’s forward-looking expectations index ticked up from 65.1 to 67.1, the lowest since 2013.
Richard Curtin, director of the survey, said in a statement, “August decline in consumer sentiment ended in early September, but the small gains still mean consumers have less than expected favorable economic prospects in more than a decade.” have hope.”
Consumer views about inflation remain high, although they appear to have stopped charging more as they did in the summer when key official gauges of price increases hit their highest levels in years .
The survey’s one-year inflation outlook ticked up to 4.7 percent this month to match the July reading, the highest since 2008, up from 4.6 percent in August. Meanwhile, the five-year outlook remained stable at 2.9 per cent.
This News Originally From – The Epoch Times