Consumer sentiment declines in September as hurricane fears weigh down key economic index

• Consumer confidence declined in September from August, after the latter recorded the consumer sentiment index's highest month since January.
• The index is a survey of consumers by The University of Michigan.
• Richard Curtin, chief economist for the Surveys of Consumers, noted that hurricanes Harvey and Irma impacted expected economic conditions greatly in September.

A shopper makes a purchase at a Best Buy store in Corpus Christi, Texas.

Eddie Seal | Bloomberg | Getty Images

Consumer confidence declined in September, after hitting a seven-month high in August.

The consumer sentiment index, a survey of consumers by The University of Michigan, hit 95.3 in September, better than economists polled by Reuters expected.

In August the index nearly returned to peak levels recorded earlier in 2017, hitting 97.6.

"Consumer confidence edged downward in early September due to concerns over the outlook for the national economy," Richard Curtin, chief economist for the Surveys of Consumers, said in a statement.

Curtin noted that hurricanes Harvey and Irma greatly impacted expected economic conditions in September. Nine percent of consumers "spontaneously mentioned concerns that Harvey, Irma, or both, would have a negative impact on the overall economy," Curtin said.

"Renewed gains in incomes as well as rising home and equity values have acted to counterbalance the negative impacts from the hurricanes," Curtin added.

The index measures 500 consumers' attitudes on future economic prospects, in areas such as personal finances, inflation, unemployment, government policies and interest rates.