Americans grew more optimistic toward the end of September as
consumer sentiment reached a six-month high, reflecting more confidence
in the U..S. economy after a summer lull.
The final consumer sentiment survey in September climbed to 80.4 from a preliminary reading of 78.9, the University of Michigan said Friday. It was also up from August’s 74.1 score.
The index now sits at the highest level since the pandemic
erupted in March, mirroring the results of other household surveys.
Earlier this week the Conference Board said its consumer confidence
index also shot up to a pandemic high.
A decline in coronavirus cases earlier in the month helped lift the
optimism of consumers, as did the creation of more jobs. The U.S.
regained 661,000 jobs in September and 877,000 in the private sector,
the government said earlier Friday.
An index that measures current conditions rose to 87.8 from a preliminary 87.5 reading earlier in the month.
Consumers
also felt somewhat better about the rest of the year. An index that
measures expectations for the next six months edged up to 75.6 from a
preliminary 73.3 reading and 68.5 in August.
“While consumers
have anticipated gains in the national economy ever since the April
shutdown, the September survey recorded a significant increase in the
proportion that expected a reestablishment of good times financially in
the overall economy,” said Richard Curtin, the chief economist at the
group that produces the sentiment survey.
Yet confidence was
greater among wealthier Americans than other households, highlighting
the wide disparity in who’s been hurt most by the coronavirus. Many
workers in lower-paying jobs in hotels, restaurants, retail stores and
other service-oriented businesses have suffered higher levels of
unemployment.
“The data
indicate that lower-income households face continued income and job
losses compared with the modest gains expected by upper-income
households,” Curtin added.
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