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Slight Rise In Michigan Sentiment Indicators

James Boston
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Reuters and the University of Michigan have released the finalised versions of their key indicators for the month of September. The headline Michigan Consumer Sentiment Index now stands at 84.6, this is in comparison to last month’s reading of 82.5 and a market consensus estimate for a level of 84.7.

The forward looking Michigan Consumer Expectations Index has been reported as 75.4 compared to an August reading of 75.6 and an estimate for today of 75.0. The Current Conditions figure now stands at 98.9 from 98.5 in August, there was an expectation of 98.0 today. Finally, the Michigan Inflation Expectation gauge is still reading at 3.0% as it was the previous month.

The US Bureau of Economic Analysis has also published some key economic data updates this morning, the most major among them being the finalised version of the second quarter GDP figure. The official growth in Q2 has been announced as 4.6%, this is obviously a turnaround from the weak first quarter where a contraction of -2.1% was recorded, due to the earlier publication of preliminary data the market consensus on today’s figure was for this reading of 4.6%.

Staying on the theme of finalised second quarter data, the Gross Domestic Product Price Index for Q2 has been published as 2.1%, this represents an increase over the Q1 reported number of 1.3% and compares to a market expectation today for a 2.1% reading. Also on the topic of Q2 inflation, the Personal Consumption Expenditure Prices Index has been finalised as 2.3%, this too represents an increase on the first quarter level of 1.4% price expansion and compares to a consensus estimate on today’s number of a further 2.3% growth in prices. The actual Core Personal Consumption Expenditures number has been posted as an expansion of 2.0% for the second quarter, this is also ahead of the Q1 figure of 1.2% and should be compared to being in line with the market estimated number of 2.0% today.

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