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US consumer confidence rebounds slightly in early September

US consumer confidence rebounds slightly in early September

Mubasher: Preliminary figures by the University of Michigan suggested that the US consumer sentiment recovered in early September from August’s steep decline.

The consumer sentiment index climbed to 92 points in early September, compared with 89.8 last month, the university’s survey report showed on Friday.

However, it remained the third lowest level since the election of US President Donald Trump, survey chief economist Richard Curtin said.

Assessment of current economic conditions also saw a slight improvement, with the gauge rising to 106.9 points month-on-month in early September, with a year-on-year drop of 7.2%.

“Consumers anticipate that the Fed will cut interest rates next week, with net declines in interest rates more frequently expected at present than anytime since the depths of the Great Recession in February 2009,” Curtin said.

Expectation index rose by 3.1% month-on-month to 82.4 points earlier this month from 79.9, while the index recorded a 9% year-on-year plunge.

By 1:53 pm GMT, the US dollar index ticked down by 0.08% to 98.23.