US UoM consumer confidence rises to 70.1 in September

• US consumer confidence improved more than expected in September.
• The UoM survey showed five-year inflation expectations held steady at 3.1%.

US consumer confidence improved in September, with the University of Michigan’s consumer sentiment index rising to 70.1 from 66 in August. This reading was above market expectations of 69.3. “Sentiment appears to be building some momentum as consumer expectations for the economy improve,” the report said.

The Current Conditions Index improved to 63.3 from 61.3 7 and the Consumer Expectations Index rose to 74.4 from 72.1

The survey details showed that five-year inflation expectations held steady at 3.1%.

Market reaction

The report gave the US dollar a modest boost, helping the greenback recover some ground after a sharp slide stemming from weaker-than-expected inflation numbers.