Prelim UoM Consumer Sentiment 16/9/2022

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 consumer sentiment for the US was revised higher to 58.2 in August 2022 from 55.1 initially. The expectations scale was revised higher to 58 from 47.3 and the current conditions sub-index was revised higher to 58.6 from 58.1. Inflation expectations for next year eased to 4.8% from 5.2% the previous month, an 8-month low and below the preliminary figures of 5%. Meanwhile, the five-year outlook is unchanged at 2.9%, compared to 3% in advanced numbers

Forecast for today's data and how it affects the currency

The expected reading for today's statement is 60

A reading higher than expected positively affected the currency and a reading lower than expected negatively affected the currency

Indicator release time

The statement will be issued at 5 pm Mecca time