MICHIGAN (dpa-AFX) – US consumer sentiment brightened again in October from low levels. Consumer sentiment, as surveyed by the University of Michigan, rose 1.3 points from the previous month to 59.9, according to a second estimate released by the university on Friday. In the first survey, 59.8 points were determined. The sentiment barometer has rebounded somewhat from June’s record high of 50.0 points. Analysts had expected 59.6 points in October.
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“While lower-income consumers saw significant improvements in sentiment, consumers with significant stock and real estate wealth showed significant sentiment declines fueled by the turbulence in these markets,” the university said in a statement. Declining petrol prices supported consumer confidence.
The University of Michigan’s indicator is a measure of the purchasing behavior of American consumers. It is based on a telephone survey of about 500 households. An assessment of the financial and economic situation and the corresponding expectations are queried./jsl/he
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