September Consumer Sentiment Holds Gains, but Lower Than Expected
The Reuters/University of Michigan Consumer Sentiment reading is out for September, but we would note that this is the final number for the month after the preliminary reading out two weeks ago. The final September reading came in at 78.3. Bloomberg listed the consensus estimate as being 79.0 after a preliminary reading of 79.2. Bloomberg also listed the range as being 75.0 to 81.5, so in the games of throwing horseshoes (or hand grenades) this would be considered "close enough."
The current index was listed as 85.7, but the more important outlook index was down at 73.5. This signals more caution from consumers and an outlook that may be worried more and more about the election or the coming fiscal cliff.
The prior full month's was 74.3 in August. The University of Michigan's Consumer Survey Center asks questions to 500 households each month on their financial conditions and attitudes about the economy.
JON C. OGG
Filed under: 24/7 Wall St. Wire, Economy