Glimmer in the gloom: US consumer confidence index rises from 55.7 to 57.8

AMERICAN consumer confidence improved early in September to 57.8 from 55.7 in August, but expectations for future economic conditions declined to 47.0 from 47.4, reaching its lowest level since May 1980, according to the monthly Reuters/University of Michigan index.

"Overall, the data indicates that a renewed downturn in consumer spending is as likely as not in the year ahead," said Richard Curtin, director of the Reuters-Michigan survey, reported Newark`s Journal of Commerce. "Even without a downturn, consumer spending will not be strong enough to enable the rapid job growth that is needed to offset reduced long-term expectations."


The survey`s one-year inflation expectation rose to 3.7 per cent from 3.5 per cent, while the survey`s five-to-10-year inflation outlook rose to 3.0 per cent from 2.9 per cent, said the report.