Market Overview

U of Michigan Consumer Sentiment Index Reads 79.3, Exceeds 77.6 Estimate

Share:
Related SPY
Monday Market Wrap: Stocks Fall Nearly 1% To Start Week
Will Presidential Debates Move The Stock Market?
Warning - Stock Market Seasonality Still Says Danger Ahead (Seeking Alpha)
Related XLY
Argus On Retail, 'We Think It's Going To Be A Good Christmas'
Oil's Surprising Impact On Sectors, ETFs
And... We're Back Where We Started (Seeking Alpha)

At 9:55am this morning, University of Michigan released Consumer Sentiment Index results of 79.3 compared to an estimated 77.6, the average of 60 estimates listed by Bloomberg.

These results followed University of Michigan's May 11 preliminary estimate of 77.8 that was the highest reading in four years. Analysts had been expecting a preliminary estimate closer to 76.

The University of Michigan Consumer Sentiment Index typically releases results on the second and fourth Fridays of each month. These results are based on phone interviews that gauge individuals perspectives on their own finances and the economy in general.

The index is considered to be a predictor of consumers' spending, to the extent that their spending is determined by their financial confidence. As an indicator of consumer spending, the index also has implications for the broader US economy.

The S&P 500 Index was trading around 0.1% higher for the day.

Posted-In: News Econ #s Economics Hot

 

Related Articles (SPY + XLY)

View Comments and Join the Discussion!