(Reuters) – Consumer confidence in the United States was strengthened in early September after falling to its lowest level in decades, but consumer outlook took a dim view amid rising inflation.
The University of Michigan’s consumer sentiment index rose to 71 in the first half of September, from 70.3 in August – the worst level since December 2011. According to a Reuters poll, economists have read 72.
Estimates of current levels fell further, from 78.5 to 77.1 in August, while the survey’s futures forecast index was 65.1 to 67.1, the lowest level since 2013.
“The sharp fall in consumer sentiment in August ended in early September, but consumers expect the small gain to remain less favorable for the economic outlook for more than a decade,” Director of Research Richard Curtin said in a statement.
The view of consumer inflation is high. The one-year inflation outlook was 4.7% this month, up from the July reading, up from 4.6% in August. The five-year outlook was 2.9%.
(Dan Burns Report)
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