Economic surveyors traditionally approached consumers and posed questions to them which are similar to the current set of questions shown below. The questions are meant to evoke opinions from consumers about their feelings with regard to their finances.
The consumer sentiment survey in the U.S. was created by Dr George Katona from the University of Michigan and first used in 1946, addressing the emotional state of consumers as opposed to purely quantitative metrics – hence the name ‘Michigan Consumer Sentiment’. The idea behind this type of survey is to try and understand how people make economic decisions in order to properly manage the countries policies.
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