Michigan Consumer Sentiment Rises To 67.9, Missing Analyst Expectations

On August 30, 2024, the University of Michigan released the final reading of Michigan Consumer Sentiment report for August.

The report indicated that Consumer Sentiment improved from 66.4 in July to 67.9 in August, compared to analyst consensus of 68.0.

Current Economic Conditions declined from 62.7 in July to 61.3 in August, while Index of Consumer Expectations increased from 68.8 to 72.1.

The University of Michigan commented: “Consumers’ short- and long-run economic outlook improved, with both figures reaching their most favorable levels since April 2024 and a particularly sizable 10% improvement for long-run expectations that was seen across age and income groups.”

Today, traders also had a chance to take a look at the Chicago PMI report for August. The report showed that Chicago PMI increased from 45.3 in July to 46.1 in August, compared to analyst forecast of 45.5.

U.S. Dollar Index pulled back below the 101.50 level as traders reacted to the Michigan Consumer Sentiment report. Traders take some profits off the table after the recent rebound.

Gold settled above the $2515 level as traders wait for strong catalysts. From the technical point of view, gold remains stuck below the key resistance at $2520 – $2530.

SP500 tested session highs after the release of Consumer Sentiment data. Traders stay bullish ahead of the start of the Fed rate cut cycle.

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