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The US consumer sentiment increased in early September to reach the highest level in 14 months amid consumers developed better expectations for future spending, according to a preliminary reading.
The Thomson Reuters/ University of Michigan index of consumer sentiment, revealed on Friday, ticked up over two points in an early September reading, leading at a 14-month high of 84.6 since July 2013.
The preliminary reading of the consumer sentiment recorded the figure for the first half of September. The figures for September rose since July last year and from 82.5 in August 2014. September’s consumer sentiment also raked higher than the market average expectation of 83.3.
The market analysts contributed the improvement in the sub-index gauging consumer expectations, which closely projects the consumer spending direction, as reason behind the upward trend in the headline index. The gauge of consumer expectations for six months from now rose to 75.6 from August’s 71.3. The gauge performed better than the market expectation of 73.
Meanwhile, the Current Conditions Index, which reflects the financial situation of the Americans and their shopping perception, ticked down to 98. 5 from 99.8 in August.
“The small decline could reflect the weaker pace of payroll growth in August or even the slowdown in some measures of housing market activity,” said Paul Diggle, US economist for Capital Economics.
The UMich consumer sentiment survey came following the recent report on retail sector that showed sales rising at 0.6 percent in August, while the figure for July was also revised upwards.