Confidence among consumers declined to a five-month low in September as Americans’ views on the economy dimmed.
The Thomson Reuters/University of Michigan final index of sentiment decreased to 77.5 this month from 82.1 in August. The median estimate in a Bloomberg survey called for a drop to 78, after a preliminary reading of 76.8.
A pedestrian carries a shopping bag while crossing at Easton Town Center in Columbus, Ohio. Photographer: Luke Sharrett/Bloomberg
Higher mortgage rates that threaten to slow momentum in the housing market may be making Americans less sanguine about the economic outlook. Stronger job and wage growth would help bolster spending for those lower-income households that aren’t benefiting from the recent upswing in stocks and home prices.