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Released: Dec 8, 2023, 15:10 UTC – 1min read
The report showed that year-ahead inflation expectations decreased from 4.5% to 3.1%.
Key Insights
- Michigan Consumer Sentiment grew from 61.3 in November to 69.4 in December.
- Existing Economic Conditions increased from 68.3 to 74.0.
- Index of Consumer Expectations enhanced from 56.8 to 66.4.
Don’t miss the latest update on the Michigan Consumer Sentiment report for December from the University of Michigan, which revealed a significant jump in consumer sentiment and other key insights. Michigan Consumer Sentiment grew from 61.3 in November to 69.4 in December, while Existing Economic Conditions increased from 68.3 to 74.0. Index of Consumer Expectations also enhanced from 56.8 to 66.4, marking positive trends in consumer confidence and expectations for the future.
The University of Michigan commented: “Consumer belief skyrocketed 13% in December, removing all decreases from the previous 4 months, mainly on the basis of enhancements in the anticipated trajectory of inflation.”
According to the report, year-ahead inflation expectations decreased from 4.5% in November to 3.1% in December. The report likewise kept in mind that a growing share of customers anticipated that next year’s elections will yield outcomes beneficial to the economy.
Stay informed about the impact of the Michigan Consumer Sentiment report on the financial market – the U.S. Dollar Index settled near the 104.00 level after the release of the better-than-expected report. The falling inflation expectations might cause a more dovish Fed, although increasing customer belief is usually bullish for the U.S. dollar.
Gold stays under pressure as traders concentrate on more powerful dollar and increasing Treasury yields. Presently, gold is attempting to get to the test of the emotionally crucial $2000 level.
The SP500 moved towards the essential 4600 level as traders reacted to the Michigan Consumer Sentiment report. Today’s financial reports revealed that the economy stayed in a good shape in spite of economic downturn concerns, which is bullish for stocks.
For a take a look at all of today’s financial occasions, have a look at our economic calendar.
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