Fiper | Prelim UoM Consumer Sentiment

This indicator measures the level of consumer confidence in economic activity. It is a major indicator because it can predict consumer spending, which forms a major part of the overall economic activity, and it deduces from a survey of about 500 consumers, high readings that indicate consumer positivity
University of Michigan consumer sentiment in the US was revised upwards to 59.2 in May of 2023 from a preliminary estimate of 57.7, but it remained at a six-month low, amid concerns about the path of the economy. The drop reflects the 2011 debt-ceiling crisis, during which sentiment also slumped, according to consumer director Joanne Hsu polling. The measure of expectations was revised to 55.4 from 53.4 and the sub-index of current economic conditions to 64.9 from 64.5. Inflation expectations were also revised downward for both next year (4.2% vs. 4.5% in the initial estimate) and five-year forecasts (3.1% vs. 3.2%).

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

The expected reading for today's statement is 60.1
A higher-than-expected reading positively affected the currency and a lower-than-expected reading negatively affected the currency