With an improvement in consumer expectations offset by a deterioration in views of current economic conditions, the University of Michigan released a report on Friday showing that U.S. consumer sentiment has been unexpectedly flat in September.
The University of Michigan said the preliminary reading on its consumer sentiment index for September came in at 89.8, unchanged from the final August reading. Economists had expected the index to inch up to 90.8.
Richard Curtin, the survey's chief economist, said, "Confidence was unchanged in early September from the August final and barely different from the July reading."
"Small and offsetting changes have taken place in the third quarter 2016 surveys: modest gains in the outlook for the national economy have been offset by small declines in income prospects as well as buying plans," he added.
While the index of consumer expectations rose to 81.1 in September from 78.7 in August, the index of current economic conditions dipped to 103.5 from 107.0.
On the inflation front, the report said one-year inflation expectations slid to 2.3 percent in September from 2.5 percent in August, while the five-year inflation outlook held at 2.5 percent.
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