By Brai Odion-Esene
WASHINGTON (MNI) – U.S. consumer sentiment fell in September
according to the preliminary reading of the Reuters/University of
Michigan Consumer Sentiment data released Friday.
The index came in at 66.6, lower than median expectations of 70.0,
but and less than August’s final reading of 68.9.
The index’s initial reading for current conditions came in at 78.4
for September, up from August’s final reading of 78.3. Expectations fell
to 59.1 vs. 62.9 reported at last month.
The final 1-year inflation expectations by consumers was 2.2%
compared to the August expectation of 2.7%. Five-year inflation
expectations were 2.8% vs. 2.8% in August.
Following the dismal economic data seen in August, September’s
consumer confidence figure reflects the American public’s belief that
while things right now are not as bad in the economy as initially
thought, things will get worse before getting better.
Typifying the contradiction, the employment rate in the U.S. jumped
last month to 9.6%, and 54,000 jobs were cut from non-farm payrolls.
Thursday, however, initial claims for U.S. state unemployment benefits
fell — against expectations — by 3,000 to 450,000 in the Sept. 11 week
after seasonal adjustment, the lowest since the July 10 week.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: M$U$$$,MAUDS$]