The University of Michigan index stood at 71 points, up from 70.3 points in August. Economists expected 72 points.
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US consumer confidence for September came out slightly lower than economists’ forecasts and remains at a low level, close to that of August, according to the preliminary estimate of the University of Michigan survey released on Friday.
The index stands at 71 points, against 70.3 points in August. Last month, the indicator hit its lowest level since December 2011, down 13.4% from July.
The preliminary figure for September is lower than the expectations of economists, who were counting on 72 points.
The small gain from August “means that consumers are still counting on the least favorable economic outlook for a decade,” commented Richard Curtin, chief economist in charge of the monthly survey, which is widely followed by the markets.
Wall Street reacted badly to the publication. Around 2:15 p.m. GMT, the extended S&P 500 index was posted down 0.66% after having opened almost to equilibrium a few minutes earlier.
Richard Curtin noted that two parameters had deteriorated further since the August survey, including consumer purchasing behavior, which reached, in September, a lower than the index only experienced one only once, in 1980 (the indicator has been monthly since 1978).
The perception of the conditions for purchasing a home, a vehicle or household equipment is also approaching historic lows, with consumers blaming this deterioration on high prices.
“Confidence remains at half mast compared to the spring and, even more, before the pandemic, but we believe that the September figure will be a floor,” responded Ian Shepherdson, chief economist at Pantheon Macroeconomics.
“By the time of the next investigation, we expect it to be clear that the (variant) Delta (of the coronavirus) is on the decline,” he added, in a note, “so the confidence should begin. to bounce back. “
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