Keeping you up to date on the latest data releases.
- Consumer Sentiment
The University of Michigan’s Index of Consumer Sentiment jumped up from an index level of 78.3 in September to 83.1 in October, and is now at its highest level since September 2007. Sharp back-to-back gains in the consumer expectations component (up 8.4 points in September and 6.0 points in October) helped push the overall index to a post-recession high. Respondents’ collective judgment on current economic conditions improved in October, rising 2.9 points to 88.6, roughly reversing a 3.0 point decline in September. That said, the current conditions component is up markedly (+13.7 points) from October of last year. Both short- and long-run inflation expectations ticked down in October. Median one-year ahead inflation expectations slipped from 3.3 percent to 3.1 percent during the month, while five-to-ten year ahead expectations dipped down from 2.8 percent to 2.6 percent. to its lowest level since the depths of the financial crisis.