US consumer confidence still quite high despite mounting uncertainties - UofM says

Americans grew more confident last month despite their perceptions of increased uncertainty, the results of the most closely-followed survey of consumer sentiment showed.

The University of Michigan's consumer confidence index rose from a reading of 89.8 for August to 93.2 in September, due in particular to improved trends for middle-income households' incomes.

September's final reading was slightly better than a preliminary estimate of 92.0 and economists' forecast for 92.1.

Commenting on September's findings, survey director Richard Curtin said the overall trends remained "quite favourable", even as he pointed to signs of a slow erosion, amid concerns around political partisanship, global uncertainty (Brexit, Iran, Saudi Arabia, China) and domestic economic policies.

The outlook for consumer spending was for slower but positive growth, but always only assuming a modest impact on jobs and salaries from all of those risk factors, he said.

"Trade policies have had the greatest negative impact on consumers, with a near record one-third of all consumers negatively mentioning trade policies in September when asked to explain in their own words the factors underlying their economic expectations.

"These and other policy concerns have so far been held in check by positive finances, although fewer consumers now anticipate higher wages or lower rates of unemployment in the year ahead. Impeachments divert the attention of the President and Congress away from economic policies, and may become conflated with partisan strategies."