The index of U.S. consumer sentiment index continued to climb back from the depths of the economic shutdown in April, the University of Michigan reported Friday. The index reached 78.9 in September, which was up from 74.1 in August and 71.8 in April. It was the second month in a row that the index had exceeded the consensus estimate, which was 75.
The impact of the end of enhanced employment benefits on July 31 was starting to be seen on retail sales, which were only up 0.1% year over year in August after increasing by 3.5% in July. “Declines in personal incomes were reported more frequently in September for the first time since the March 2014 survey,” the University of Michigan reported. The decline in personal income further underscores the concern heading into the holiday season for many retailers.