Consumer sentiment in the U.S. improved by less than initially estimated in the month of September, according to revised data released by the University of Michigan on Friday.
The University of Michigan said the consumer sentiment index for September was downwardly revised to 58.6 from the preliminary estimate of 59.5. Economists had expected the index to be unrevised.
Despite the downward revision, the consumer sentiment index was still slightly higher than the final August reading of 58.2.
“Buying conditions for durables and the one-year economic outlook continued lifting from the extremely low readings earlier in the summer, but these gains were largely offset by modest declines in the long run outlook for business conditions,” said Surveys of Consumers Director Joanne Hsu.
The report showed the current economic conditions index rose to 59.7 in September from 58.6 in August, while the index of consumer expectations was unchanged at 58.0.
On the inflation front, the University of Michigan said one-year inflation expectations edged down to 4.7 percent in September from 4.8 percent in August, hitting the lowest level since last September.
Five-year inflation expectations also dipped to 2.7 percent in September from 2.9 percent in August, falling below the 2.9-3.1 percent range for the first time since July 2021.
“Inflation expectations are likely to remain relatively unstable in the months ahead, as consumer uncertainty over these expectations remained high and is unlikely to wane in the face of continued global pressures on inflation,” said Hsu.
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