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9/17, 4:00 PM (Source: TeleTrader)
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US consumer confidence up 1% in September

Consumer confidence in the United States increased 1% in September compared to August, according to a report by the University of Michigan on Friday. The Index of Consumer Sentiment reached 71 from 70.3 in August, although it fell short of projections which put it at around 72. The index was 11.7% lower on a yearly basis.

The Current Economic Conditions Index dropped by 1.8% monthly and 12.2% yearly, while the Index of Consumer Expectations grew 3.1% compared to August, although it was still 11.2% lower year-on-year.

"The steep August falloff in consumer sentiment ended in early September, but the small gain still meant that consumers expected the least favorable economic prospects in more than a decade," the report explained. "Just two components posted additional declines: buying attitudes for household durables fell again in early September to a low reached only once before in 1980, and long term economic prospects fell to a decade low."

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