Michigan Consumer Sentiment Rises To 69.0, Beating Analyst Expectations

On September 13, 2024, the University of Michigan released Michigan Consumer Sentiment report. The report indicated that Consumer Sentiment improved from 67.9 in August to 69.0 in September, compared to analyst consensus of 68.0.

Current Economic Conditions improved from 61.3 in August to 62.9 in September, while Index of Consumer Expectations increased from 72.1 to 73.0.

Year-ahead inflation expectations declined to 2.7%, the lowest reading since December 2020. Long-run inflation expectations increased from 3.0% to 3.1%.

The University of Michigan commented: “Sentiment is now 40% above its June 2022 low, though consumers remain guarded as the looming election continues to generate substantial uncertainty.”

U.S. Dollar Index rebounded towards the 101.0 level as traders reacted to the better-than-expected Michigan Consumer Sentiment report. The yield of 2-year Treasuries pulled back below the 3.60% level, but this move did not put pressure on the American currency.

Gold tested new highs as the strong rally continued. Currently, gold is trying to settle above the $2580 level. Demand for precious metals stays strong, and traders prepare for the test of the $2600 level.

SP500 tested session highs after the release of the encouraging Consumer Sentiment data. The index moved above the 5620 level and is trying to gain additional upside momentum.

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