9/16/2022, 4:00 PM (Source: TeleTrader)
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US consumer confidence grows slightly in September

The Consumer Sentiment Index in the United States came in at 59.5 points in September, rising 2.2% month on month, a preliminary report, published by the University of Michigan on Friday, showed. Nevertheless, on an annual basis, the index plunged 18.3%.

The Current Economic Conditions Index increased 0.5% to 58.9 in September compared to the month prior but plummeted 26.5% year over year. Meanwhile, the Index of Consumer Expectations grew 3.3% to reach 59.9 on a monthly basis and tumbled 12% compared to September 2021.

"With continued declines in energy prices, the median expected year-ahead inflation rate declined to 4.6%, the lowest reading since last September. At 2.8%, median long run inflation expectations fell below the 2.9-3.1% range for the first time since July 2021. However, it is unclear if these improvements will persist," Surveys of Consumers Director Joanne Hsu commented.

Baha Breaking News (BBN) / AY