Consumer optimism hits 14-month high

by Ryan Smith15 Sep 2014
Consumers are more optimistic about the economy than they’ve been in 14 months, according to new data. That could be hopeful news for the mortgage industry, which has seen a slowdown as consumer sentiment softened in recent months.

According to a poll by Thomson Reuters/University of Michigan, U.S. consumer sentiment rose to 84.6 in September. That’ up from 82.5 last month, and the highest reading since July of 2013, according to a Reuters report.

That number also beats the 83.3 projected by economists.

The survey seems to indicate that while consumers aren’t thrilled with current conditions, they’re optimistic about the future. While consumers’ optimism about current conditions fell from 99.8 to 98.5 this month, consumer expectations rose to 75.6 from last month’s reading of 71.3, Reuters reported.

“All of the early September gain was in the Expectations Index, while consumers judged current economic conditions slightly less favorably than in August,” survey director Richard Curtin said. “Although consumers anticipated a slowdown in employment growth, (they) expected the highest growth of their wages in six years.”



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