Consumer sentiment in the U.S. deteriorated by slightly more than initially estimated in the month of September, the University of Michigan revealed in a report on Friday.
The report said the consumer sentiment index for September was downwardly revised to 95.1 from the preliminary reading of 95.3. Economists had expected the index to be unrevised.
With the unexpected downward revision, the consumer sentiment index is even further below the final August reading of 96.8.
"Consumer sentiment remained largely unchanged from the slightly lower level recorded at mid-month," said Richard Curtin, the survey's chief economist.
He added, "The resilience of consumers has again been demonstrated as concerns about the impact of the hurricanes on the national economy have quickly faded."
The report said the index of consumer expectations dropped to 84.4 in September from 87.7 in August, while the current economic conditions index edged up to 111.7 from 110.9.
On the inflation front, one-year inflation expectations crept up to 2.7 percent in September from 2.6 percent in August, while five-year inflation expectations were unchanged at 2.5 percent.
by RTT Staff Writer
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