Keeping you up to date on the latest data releases.
- Consumer Sentiment
The University of Michigan’s Index of Consumer Sentiment ticked down from an index value of 68.9 in August to 66.6 in September, on a 3.8 point drop in the consumer expectations component down to 59.1. Expectations have retreated from roughly 70 in June to its lowest level since March 2009. Interestingly, the release noted that the “entire decline” came from households with incomes above $75,000. One year-ahead average inflation expectations were edged down 0.1 percentage point to 3.1 percent in September, though the median expectation fell from 2.7 percent to 2.2 percent (with the variance increasing from 18 to 21). Longer-term (5-10 year-ahead) average expectations remained relatively well anchored during the month, increasing just 0.1 percentage point to 3.2 percent, but the median expectation was unchanged at 2.8 percent.