Michigan Consumer Sentiment Rises To 73.0, Beating Analyst Expectations

On November 8, 2024, the University of Michigan released Michigan Consumer Sentiment report for November.

The report indicated that Michigan Consumer Sentiment improved from 70.5 in October to 73.0 in November, compared to analyst forecast of 71.  At current levels, sentiment is roughly 50% above the bottom that was reached in June 2022.

Current Economic Conditions declined from 64.9 in October to 64.4 in November, while Index of Consumer Expectations improved from 74.1 to 78.5.

The University of Michigan commented: “Expectations over personal finances climbed 6% in part due to strengthening income prospects, and short-run business conditions soared 9% in November.”

Year-ahead inflation expectations declined from 2.7% in October to 2.6% in November. Meanwhile, long-run inflation expectations increased from 3.0% to 3.1%.

U.S. Dollar Index gained ground as traders reacted to the better-than-expected Michigan Consumer Sentiment index report. Currently, U.S. Dollar Index is trying to settle above the 104.75 level.

Gold pulled back below the $2690 level after the release of the report. Traders focused on stronger dollar, which is bearish for gold.

SP500 made an attempt to settle above the psychologically important 6000 level as traders focused on consumer sentiment data. However, SP500 did not manage to gain sufficient momentum and pulled back below the 5990 level.

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