By Ruth Mantell, MarketWatch
WASHINGTON (MarketWatch) — With improved views of the current economy, a gauge of consumer sentiment rose to 57.8 in the preliminary reading for September after tumbling to a nearly-three-year low of 55.7 in August, according to the gauge from University of Michigan/Thomson Reuters released Friday.
Economists polled by MarketWatch had expected a reading of 57.3 in September with stock volatility and weak employment maintaining downward pressure on consumers’ sentiment. See economic calendar.
In August, sentiment had reached the lowest level since November 2008 with Washington’s protracted debt-ceiling negotiations taking a toll on consumers.
The survey’s gauge of views on current conditions rose to 74.5 in September from 68.7 in August. Meanwhile, the expectations gauge declined to 47 from 47.4.
The sentiment reading, which covers how consumers view their personal finances as well as business and buying conditions, averaged about 87 in the year before the start of the most recent recession.
Ruth Mantell is a MarketWatch reporter based in Washington.
