Summary After plunging to its lowest level since 2011 in August, consumer sentiment improved only modestly in early September to 71.0 from 70.3 previously. In other words, consumers remain downbeat about current conditions. Higher prices for major household items and vehicles appear to be weighing on perceived purchasing power and continue to weigh on buying plans, which is a worrying development for the outlook of consumer spending if sustained.
Sentiment Stuck Near Decade Low
Consumer sentiment measured by the University of Michigan suggests consumers are more downbeat today than when the pandemic first struck last year. The preliminary read on consumer sentiment for September showed only a modest improvement to 71.0 in early September, which is still lower than at any point during the pandemic and a worrying indication for the outlook for the consumer. READ FULL ARTICLE>>