Consumer Sentiment Edges Higher in September

Ann Arbor, MI, Sept. 16, 2011 -- Consumer sentiment edged higher in early September, according to the Thomson Reuters/University of Michigan index.

The preliminary reading on the overall index on consumer sentiment rose to 57.8 from 55.7 the month before, which had been the lowest level since November 2008.

Economists were forecasting a reading of 56.5.

"Overall, the data indicate that a renewed downturn in consumer spending is as likely as not in the year ahead," survey director Richard Curtin said in a press release.

"Even without a downturn, consumer spending will not be strong enough to enable the rapid job growth that is needed to offset reduced long-term expectations."

The gauge of consumer expectations fell to 47.0 from 47.4. It was the lowest level since May 1980.

The economic outlook for the next 12 months fell to 38 from 40, the lowest since February 2009.