The final reading for the September Reuters/Michigan index of consumer sentiment came in at 72.8 compared to a preliminary reading of 71.0 and the August final reading of 70.3.

Economists had forecast the index to be unrevised at 71.0.

According to the report, the index of consumer expectations surged 4.6 percent m-o-m to 68.1 from August’s final reading of 65.1, while the index of the current economic conditions rose 2.0 percent m-o-m to 80.1 from August’s final reading of 78.5.

“Consumer sentiment edged upward in late September, although the overall gain still meant the continuation of depressed optimism, initially sparked by the Delta variant and supported by persistent inflation and unfavorable long-term prospects for the national economy,” noted Richard Curtin, Surveys of Consumers chief economist. “Consumers do not view economic conditions as conducive to establishing an inflationary psychology, a self-fulfilling prophecy. Instead, consumers have favored postponement due to what they still consider a transient spike in prices.”