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UoM Consumer Sentiment unchanged in September

Friday, Sep 16 2016

Consumer sentiment in September held at the lowest level since April, as people became more optimistic about the economic outlook but less sanguine about their incomes and buying plans. The University of Michigan’s preliminary index of sentiment was unchanged at 89.8, according to a report Friday. The median projection in a Bloomberg survey called for a reading of 90.6. Consumers’ views of current economic conditions fell to an almost one-year low, while households’ plans to purchase automobiles and other big-ticket items became more dependent on low interest rates.

Retail sales fell in August for the first time in five months, hinting at a smaller rebound in the economy this quarter, and the Federal Reserve is expected to hold off from raising interest rates when policy makers meet next week.“I don’t think this pause, and I would call it a pause, will turn into a rout,” as consumers adjust their spending to their expectations on prices and income growth, Richard Curtin, director of the Michigan survey, said on a conference call. “I still see the Christmas retail season as pretty good.”

 

Euro is currently being traded around 1.1150 handle, Sterling is at 1.30 handle, while Aussie is few points above 0.7480 area.

Last modified on Saturday, 17 September 2016
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