Keeping you up to date on the latest data releases.
- Consumer Sentiment
The University of Michigan’s Index of Consumer Sentiment was revised slightly lower in late September—from an index level of 79.2 to 78.3—but still jumped up four points relative to August’s level. The downward revision in overall sentiment in September was due to a downward adjustment to the current conditions component—from 88.3. to 85.7. Respondent’s judgment of current conditions slipped 3.0 index points relative to August’s level, but are still up roughly ten points from last September. Consumer expectations were relatively unchanged during the September revision, and rose from 65.1 in August to 73.5 in September (though the release noted that the dramatic spike in expectations likely reflected optimism flowing from the recent conventions, which is likely to be temporary). Median short-run (one-year ahead) inflation expectations were revised down from 3.5 percent to 3.3 percent in September, slipping 0.3 percentage points from August’s level. Longer-term (five-to-ten years ahead) inflation expectations remained at 2.8 percent during the revision, down 0.2 percentage points from August.