Consumer Sentiment at a one-year low
Consumer sentiment declined in September to the lowest level in year as Americans anticipated a weaker economy in face of a global slowdown and turbulent financial markets. The University of Michigan’s preliminary index dropped to 85.7 from 91.9 in August, the largest one-month decline since the end of 2012. No change was anticipated. Households were less upbeat about future growth in employment and wages than a few months earlier as 73 percent of respondents reported hearing news of negative economic developments.
“While the current strength in consumer spending is still likely to persist, the more lasting impact of recent events may be a heightened attentiveness to potential negative developments,” Richard Curtin, director of the Michigan Survey of Consumers, said in a statement.Curtin held out the possibility that households would view an interest-rate increase next week by the Fed as adding to recent negative developments in global capital markets. “If economic growth proceeds as widely anticipated, the small delay of a rate hike to October or December will not matter,” he said. “A September rate hike, however, may add some unnecessary risks to an otherwise positive outlook.”
Data did not have any major impact on the markets. Euro is currently being traded around 1.1280 area, Sterling is few points above 1.54 handle, while Aussie is around 0.7060 level.
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