Michigan Consumer Sentiment Declined To 68.9

On October 11, 2024, the University of Michigan released Michigan Consumer Sentiment report for October.

The report indicated that Michigan Consumer Sentiment declined from 70.1 in September to 68.9 in October, compared to analyst forecast of 70.8.

At current levels, sentiment is 8% stronger than a year ago and roughtly 40% above the bottom that was reached back in June 2022.

Current Economic Conditions declined from 63.3 in September to 62.7 in October, while Index of Consumer Expectations decreased from 74.4 to 72.9.

The University of Michigan commented: “With the upcoming election on the horizon, some consumers appear to be withholding judgment about the longer term trajectory of the economy.”

U.S. Dollar Index settled near the 102.90 level as traders reacted to Michigan Consumer Sentiment report. U.S. Dollar Index has been swinging back and forth after the release of PPI data, and it remains to be seen whether Consumer Sentiment report will serve as a major catalyst for the American currency.

Gold continued its attempts to settle above the $2650 level. Demand for safe-haven assets is rising due to geopolitical tensions, which is bullish for gold markets.

SP500 tested new highs and moved above the 5810 level as traders reacted to the weaker-than-expected report.

For a look at all of today’s economic events, check out our economic calendar.