U.S. consumer sentiment strong despite declining financial comfort from Bloomberg

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© Bloomberg. A customer waits to enter The RealReal Inc. store on Madison Avenue in New York, United States on Saturday, September 26, 2020. The pandemic has hit businesses in New York City, with nearly 6,000 closures, a jump of around 40% in the event of bankruptcy of deposits throughout the region and closed windows in the business districts of the five districts. Photographer: Nina Westervelt / Bloomberg

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(Bloomberg) – A weekly measure of U.S. consumer confidence has remained near the highest level since early April despite a decline in sentiment on personal finances.

The Bloomberg Consumer Comfort Index fell 0.5 points to 49.3 during the week ended September 27, according to data released Thursday, the first drop since mid-August. The measurement remains well below the pre-pandemic level.

A gauge of comfort in personal finance fell 2.1 points, the biggest drop since early May, as the market sell-off led the S&P 500 to close lower for the fourth week in a row. The economy sub-index edged up to a new five-month high, while a measure of buying sentiment was little changed.

The sentiment gap between low-income and high-income workers narrowed as the comfort of Americans with annual household incomes above $ 100,000 fell 2.8 points to 63.3. The partisan divide widened to a two-year high as sentiment among Republicans rose, while falling for Democrats.

The data echoes the Conference Board’s monthly confidence measure released Tuesday, which hit a six-month high in September despite a cut in unemployment benefits and concerns about an increase in Covid-19 cases this fall.

© 2020 Bloomberg L.P.

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