Briefing.com: Mich Sentiment

Updated: 30-Sep-22 10:30 ET

September Univ. of Michigan Consumer Sentiment - Prelim

Updated: 30-Sep-22 10:30 ET

Highlights

The final September University of Michigan Index of Consumer Sentiment checked in at 58.6 (Briefing.com consensus 59.5) versus the final reading of 58.2 for August.
In the same period a year ago, the Index of Consumer Sentiment stood at 72.8.

Key Factors

The Current Economic Conditions Index rose to 59.7 from the preliminary reading of 58.9. The final reading for August was 58.6. In September 2021, the index hit 80.1.
The Index of Consumer Expectations dropped to 58.0 from the preliminary reading of 59.9. The final reading for August was 58.0. In September 2021, the index stood at 68.1. (correction: our original report said the index was unchanged from the preliminary report when it should have said unchanged from the prior month)
Inflation expectations for the year ahead increased to 4.7% from 4.6%.
Five-year inflation expectations edged down to 2.70% from the preliminary reading of 2.80%, leaving them below the 2.9-3.1% range for the first time since July 2021.

Big Picture

The key takeaway from the report is that the decline in consumer sentiment across the income distribution (low to high) has been consistent for the past six months, underscoring the shared concerns about inflation pressures.