Michigan Consumer Sentiment Pulls Back From Yearly Highs
- Consumer Sentiment decreased from 71.6 in July to 71.2 in August.
- Current Economic Conditions improved from 76.6 to 77.4.
- Index of Consumer Expectations decreased from 68.3 to 67.3.
On August 11, the University of Michigan released preliminary Michigan Consumer Sentiment report for August. The report indicated that Michigan Consumer Sentiment declined from 71.6 in July to 71.2 in August, compared to analyst consensus of 71. Michigan Consumer Sentiment remains close to yearly highs.
Current Economic Conditions increased from 76.6 in July to 77.4 in August, while Index of Consumer Expectations declined from 68.3 to 67.3.
The University of Michigan commented: “In general, consumers perceived few material differencies in the economic environment from last month, but they saw substantial improvements relative to just three months ago.”
The final reading of the Michigan Consumer Sentiment report for August will be released on August 25, 2023.
U.S. dollar pulled back from session highs as traders reacted to the report. Currently, the U.S. Dollar Index is trying to settle below the 102.65 level as traders focus on the minor pullback in Treasury yields.
Gold remains stuck in the tight $1915 – $1920 range. Dollar’s pullback may provide some support to gold markets, although it remains to be seen whether gold will manage to gain additional upside momentum if Treasury yields continue to move higher.
SP500 moved away from session lows as traders focused on the better-than-expected Consumer Sentiment data. NASDAQ climbed back above the 15,000 level. Consumers remain in a decent shape, which is bullish for major indices.
For a look at all of today’s economic events, check out our economic calendar.