Michigan Consumer Sentiment Exceeds Analyst Expectations
- Michigan Consumer Sentiment declined from 69.5 in August to 68.1 in September.
- Current Economic Conditions decreased from 75.7 to 71.4.
- Index of Consumer Expectations increased from 65.5 to 66.0.
On September 29, the University of Michigan released the final reading of Michigan Consumer Sentiment report for September. The report indicated that Michigan Consumer Sentiment declined from 69.5 in August to 68.1 in September, compared to analyst consensus of 67.7.
Current Economic Conditions declined from 75.7 in August to 71.4 in September, while Index of Consumer Expectations increased from 65.5 to 66.0.
The University of Michigan commented: “Consumers are understandably unsure about the trajectory of the economy given multiple sources of uncertainty, for example over the possible shutdown of the federal government and labor disputes in the auto industry.”
Today, traders also had a chance to take a look at the Chicago PMI report for September. The report showed that Chicago PMI declined from 48.7 in August to 44.1 in September, compared to analyst consensus of 47.6.
Treasury yields are moving lower as traders react to the softer-than-expected PCE inflation report.
However, U.S. Dollar Index has climbed back above the 106.00 level after the release of the better-than-expected Michigan Consumer Sentiment report.
Meanwhile, gold pulled back towards the $1865 level after an unsuccessful attempt to settle above $1880. U.S. dollar’s rebound served as the key bearish catalyst for gold.
SP500 settled near the 4330 level. The index did not show a material reaction to the Michigan Consumer Sentiment report as traders remained focused on the PCE Price Index data.
For a look at all of today’s economic events, check out our economic calendar.