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Michigan Consumer Confidence Increases Once More in February

Michigan Consumer Confidence Increases Once More in February

Anticipations for business conditions over the next five years have risen to their peak levels since December 2020. 

Key Insights

  • The Michigan Consumer Sentiment rose from 79 in January to 79.6 in February.
  • The assessment of current economic conditions decreased from 81.9 to 81.5.
  • Expectations for year-ahead inflation increased from 2.9% to 3.0%.  

On February 16, 2024, the University of Michigan published the Michigan Consumer Sentiment report for February. The report revealed that Consumer Sentiment increased from 79 in January to 79.6 in February, falling short of the analyst consensus of 80.

Current Economic Conditions dropped from 81.9 in January to 81.5 in February, while the Index of Consumer Expectations rose from 77.1 to 78.4.

Year-ahead inflation expectations climbed from 2.9% to 3.0%, while long-run inflation expectations remained steady at 2.9% for the third consecutive month.

The University of Michigan remarked: "The fact that sentiment remained steady this month suggests that consumers continue to feel more confident about the economy, confirming the significant improvements seen in December and January across various aspects of the economy."

Following the report's release, the U.S. Dollar Index retreated below the 104.50 level, failing to meet analyst estimates. Treasury yields increased, but forex traders approached the weekend cautiously.

Gold prices settled near the $2000 level as traders responded to the Michigan Consumer Sentiment report. Despite the rise in Treasury yields, gold markets were not heavily affected during today's trading session.

The S&P 500 made an effort to settle below the 5000 level as traders took profits near historic highs.  

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