Consumer sentiment jumped 3.6% to 72.8 in September from August’s 70.3 rates, representing a 9.5% decline year over year.
Source: Surveys of Consumers
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Richard Curtin, Surveys of Consumers’ chief economist, stated that consumer sentiment increased in late September, but the overall gain still meant the continued rate of depressed optimism.
US consumers supported the postponement due to what is termed as a transient jump in prices. Favourable buying attitudes recorded some small additional declines due to concerns about prices for homes and durable products.
Higher inflation has already depressed living standards and further hampered nearly 18% of all households forecasted income gains larger than the expected inflation rate.
Market interest rates have increased and those gains are likely to increase constraints on consumer purchases.
The percentage of households who expected to have improved financial position in a year dropped to 30% in September and favourable financial expectations over the next five years dropped to 44% in September.