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UMich consumer sentiment comes in higher than expected
(A shopper talks on her mobile phone in Beverly HillsThomson Reuters)
The final UMich consumer sentiment index came in better than expected at 91.2 for September.
Meanwhile, economists had forecast that the final index would come in at 90.0.
However, it wasn't all good news.
"Confidence edged upward in September due to gains among higher income households, while the Sentiment Index among households with incomes under $75,000 has remained at exactly the same level for the third consecutive month," Richard Curtin, the Surveys of Consumers chief economist, wrote in the report.
"The larger recent gains among upper income households was partly due to continued declines in their inflation expectations," he added.
He noted that all the gains for September were in the expectations index. Meanwhile, peoples' feelings on the current situation weren't as warm. Plus, he added that "the data provide no evidence of an upward trend as the average level of the Sentiment Index since the start of 2016 is nearly identical with the September level (91.4 versus 91.2)."
September's reading is higher than the preliminary reading for September came in at 89.9 a few weeks ago — which was unchanged from the final August reading.
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