Prelim UoM Consumer Sentiment

This indicator measures the level of consumer confidence in economic activity. It is a key indicator because it can predict consumer spending, which constitutes a major part of the overall economic activity, and deduces from a survey of about 500 consumers, high readings indicate a positive consumer

University of Michigan US consumer sentiment was revised to 58.6 in September 2022 from an initial 59.5, but remained above 58.2 in August and the highest in five months. Forecasts were revised less sharply (58 vs. 59.9 in the initial estimate) while current conditions were seen as better (59.7 vs. 58.9). Durable goods buying conditions and the one-year economic outlook continued to rise from very low readings earlier in the summer, but those gains were largely offset by modest declines in the long-term outlook for business conditions. Meanwhile, inflation next year is up (4.7% vs. 4.6% in the initial estimate) while the five-year forecast has been revised downward (2.7% vs. 2.8%)

Expectations for today's statement and how it affects the currency

The expected reading for today's statement is 58.7
A reading higher than expected positively affected the currency and a reading lower than expected negatively affected the currency

When will the Michigan Consumer Confidence Index be released?

The statement will be issued at 5 pm Mecca time