U.S. Michigan September Consumer Sentiment Falls to 76.9 (below expected)

[papau]

http://quote.bloomberg.com/apps/news?pid=10000006&sid=aFPkk9hibhyk&refer=home


U.S. Michigan September Consumer Sentiment Falls to 76.9
Sept. 16 (Bloomberg) -- U.S. consumer confidence fell to the lowest since 1992 after Hurricane Katrina devastated the Gulf Coast and pushed gasoline prices to a record high.

The University of Michigan's preliminary index of consumer sentiment fell to 76.9 from 89.1 in August. The reading compares with the median forecast of 85 in a Bloomberg News survey of 53 economists.

``People are understandably more concerned about economic conditions because of the hurricane and the spike in energy prices,'' Stephen Stanley, chief economist at RBS Greenwich Capital in Greenwich, Connecticut, said in an interview before the report. ``We'll see weakness in September consumer spending, but things will start to turn around in the fall.'' <snip>

The current conditions index, which reflects Americans' perception of their financial situation and whether it's a good time to buy big-ticket items, fell to 97.7 from 108.2 in August. The expectations index, based on optimism about the next one to five years, fell to 63.6 from 76.9 last month. <snip>

[bemildred]

1. 1992 sounds about right.

That is a heck of a miss there, 85 vs 76.1, and from 89.1.

[Dr.Phool]

2. When that other bush was in the white house.

[bemildred]

3. Purely a coinkydink, accidental, no connection at all. Random variation.

Caused by the Clenis.

[papau]

4. Folks feel standard of living dropping- will US Media start reporting this

:-(

sigh....

:toast:

:-)

[hatrack]

5. Let me guess - were economists "surprised" at the results?

Survey says - YES!