Growth of consumer confidence in the United States in September exceeded expectations

Growth of consumer confidence in the United States in September exceeded expectations

Growth of consumer confidence in the United States in September exceeded expectations

Consumer confidence in the US in September rose to 78.9 points from 74.1 points a month earlier, according to preliminary data from the University of Michigan, which calculates this indicator. Thus, the value of the consumer confidence index rose to its maximum since March this year.

Analysts on average expected the indicator to rise to 75 points, Trading Economics reported.

The sub-index of American consumers' attitude to the current financial situation in September rose to 87.5 points from 82.9 points in August. The indicator of consumer expectations for the next six months increased to 73.3 points from 68.5 points.

Inflationary expectations for the medium term (next year) dropped to 2.7% in September from 3.1% a month earlier, the forecast for the long term (5 years) dropped to 2.6% from 2.7% in August.

Richard Curten, head of consumer polls at the University of Michigan, noted that consumer sentiment has begun to be influenced by the upcoming US presidential election. “In the next few months, two factors could trigger volatile changes and sharp drops in consumer confidence: the outcome of elections and delays in receiving the vaccine,” Curten said.

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