Consumer Sentiment Falls To August 2009 Levels

Ann Arbor, MI, Sept. 17, 2010--Consumer sentiment unexpectedly declined in early September to its weakest level in more than a year, according to the Thomson Reuters/University of Michigan's preliminary September reading.

The overall index on consumer sentiment came in at 66.6, down from 68.9 in August.

"Confidence edged downward in early September, as consumers judged prospects for the national economy less favorably," the survey's director Richard Curtin said in a press release.

The latest reading was the lowest since August 2009 and fell short of the median forecast of 70.0 among economists.

The entire decline in the sentiment index was recorded among households with incomes above $75,000, while confidence among lower-income families improved, the survey showed.

Curtin said the divergence between the two income groups likely stemmed from uncertainty over income tax rates next year.