Michigan Consumer Sentiment Rises To 70.1, Beating Analyst Expectations

On September 27, 2024, the University of Michigan released the final reading of Michigan Consumer Sentiment report. The report showed that Michigan Consumer Sentiment increased from 67.9 in August to 70.1 in September, compared to analyst consensus of 69.3.

Current Economic Conditions increased from 61.3 in August to 63.3 in September, while Index of Consumer Expectations improved from 72.1 to 74.4.

The University of Michigan commented: “While sentiment remains below its historical average in part due to frustration over high prices, consumers are fully aware that inflation has continued to slow.”

U.S. Dollar Index moved away from session lows as traders focused on the better-than-expected Michigan Consumer Sentiment report. It should be noted that Treasury yields are moving lower, so it remains to be seen whether U.S. Dollar Index will be able to gain sustainable upside momentum in the near term.

Gold  pulled back towards the $2660 level after the release of the report. Traders have started to take profits off the table near historic highs. The strong report may put additonal pressure on gold markets.

SP500  continued its attempts to settle above the 5770 level as traders focused on the Michigan Consumer Sentiment report. The improvement in Consumer Sentiment may provide additional support to stocks in today’s trading session.

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