US: Consumer confidence edged downward in early September - UoM

"Consumer confidence edged downward in early September due to concerns over the outlook for the national economy," Richard Curtin, Surveys of Consumers chief economist at the University of Michigan, said on Friday.

Key takeaways:

  • Index of Consumer Sentiment eased to 95.3 from 96.8
  • Current Economic Conditions improved to 113.9 from 110.9
  • Consumers' assessments of current economic conditions improved with the Current Conditions Index reaching the highest level since November of 2000. 
  •  The two hurricanes had a greater impact on expected economic conditions. Across all interviews in early September, 9% spontaneously mentioned concerns that Harvey, Irma, or both, would have a negative impact on the overall economy.
  • Given the widespread devastation in Texas and Florida, it is not surprising to find these very negative initial reactions

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