US consumer confidence edges higher in September

The University of Michigan's consumer confidence index for September improved from 89.8 to 91.2, slightly outpacing forecasts for a rise to 91.1, revised end-of-month data showed.

However, September's reading for the headline gauge was "nearly identical" to its year-to-date average, the survey compiler said.

A slump in a gauge of consumers' evaluation of current conditions from 107.0 to 104.2 was more than offset by an improvement in the expectations sub-index from 78.7 to 82.7.

September's improvement in sentiment was mainly the result of gains among higher income households, the University of Michigan said.

Fewer reports of recent income gains were counterbalanced by an uptick in income gains expected during the year ahead. The larger recent gains among upper income households was partly due to continued declines in their inflation expectations. Buying plans edged downward mainly due to the declining availability of price discounts.

The University of Michigan forecast real personal consumption expenditures would grow by 2.7% through mid-2017.