U.S. consumer sentiment mired at near decade lows, University of Michigan Survey finds

U.S. consumer sentiment mired at near decade lows, University of Michigan Survey finds

The numbers: The University of Michigan’s gauge of consumer sentiment rebounded slightly to a preliminary September reading of 71 from a final August reading of 70.3. Economists polled by the Wall Street Journal expected a reading of 72.0.

Though the index improved slightly from last month, it remains close to the roughly 10-year low seen in August, with consumers feeling worse about the economy today than at any point during the COVID-19 pandemic.

Key details: A gauge of consumer’s views of current conditions fell to 77.1 in September from 78.5 in August, while an indicator of expectations rose to 67.1 from 65.1 in August.

Market reaction: Equity indexes held to early morning losses following the report, with the Dow Jones Industrial Average
DJIA,
-0.45%

trading about 0.3% lower and the S&P 500 index
SPX,
-0.68%

down about 0.5%.

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