Consumer Sentiment Rises
Consumer Sentiment Rises
Consumer sentiment rose slightly in the early part of September, but Americans' outlook toward the future remains decidedly pessimistic, reaching a low point not seen in the measure since 1980. The Thomson Reuters / University of Michigan consumer sentiment index showed overall consumer sentiment ticked up to 57.8 following a reading of 55.7 in August. The initial reading exceeded the expectations of analysts taking part in a recent Reuters poll who had expected a reading of 56.5.
The index's measure of consumer expectations, meanwhile, fell from 47.4 to 47.0, the lowest reading recorded since May 1980. Consumers' expectations for the next year fell from 40 to 38, the lowest level since February 2009, when the global economy was still mired in the credit crisis. The most positive reading on the survey was that for current economic conditions, which climbed from 68.7 a month ago to 74.5, well ahead of economists' expectations for a reading of 68.
Consumers have become steadily more pessimistic about the strength of the economic recovery in recent month and worries about a double dip recession are climbing. Americans are also very pessimistic about economic policy makers after Republicans and Democrats haggled for months about raising the debt ceiling. 75 percent of the survey's respondents said they expect tough conditions to persist at least through next year, compared to only half the respondents at the beginning of the year.
Consumer sentiment rose slightly in the early part of September, but Americans' outlook toward the future remains decidedly pessimistic, reaching a low point not seen in the measure since 1980. The Thomson Reuters / University of Michigan consumer sentiment index showed overall consumer sentiment ticked up to 57.8 following a reading of 55.7 in August. The initial reading exceeded the expectations of analysts taking part in a recent Reuters poll who had expected a reading of 56.5.
The index's measure of consumer expectations, meanwhile, fell from 47.4 to 47.0, the lowest reading recorded since May 1980. Consumers' expectations for the next year fell from 40 to 38, the lowest level since February 2009, when the global economy was still mired in the credit crisis. The most positive reading on the survey was that for current economic conditions, which climbed from 68.7 a month ago to 74.5, well ahead of economists' expectations for a reading of 68.
Consumers have become steadily more pessimistic about the strength of the economic recovery in recent month and worries about a double dip recession are climbing. Americans are also very pessimistic about economic policy makers after Republicans and Democrats haggled for months about raising the debt ceiling. 75 percent of the survey's respondents said they expect tough conditions to persist at least through next year, compared to only half the respondents at the beginning of the year.
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