Reflecting a deterioration in consumer expectations, the University of Michigan released a report on Friday showing a pullback in U.S. consumer sentiment in the month of September.
The preliminary report said the consumer sentiment index dropped to 95.3 in September after climbing to 96.8 in August. Economists had expected the index to fall to 95.1.
"Consumer confidence edged downward in early September due to concerns over the outlook for the national economy," said Richard Curtin, the survey's chief economist.
The index of consumer expectations slid to 83.4 in September from 87.7 in August, reflecting the impact of Hurricanes Harvey and Irma.
Curtin said, "Across all interviews in early September, 9% spontaneously mentioned concerns that Harvey, Irma, or both, would have a negative impact on the overall economy."
"Among those who mentioned the hurricanes, the Sentiment Index was 80.2, while among those who did not spontaneously mention either hurricane, the Sentiment Index remained unchanged from last month at 96.8," he added.
Meanwhile, the report said the current economic conditions index rose to 113.9 in September from 110.9 in August, reaching its highest level since November of 2000.
On the inflation front, one-year inflation expectations edged up to 2.7 percent in September from 2.6 percent in August, while five-year inflation expectations inched up to 2.6 percent from 2.5 percent.
by RTT Staff Writer
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