UMichigan Consumer Confidence Misses, Comes At 67.7 On Expectations Of 68.2, New 2010 Low, As Expectations Plummet
And with that the economic data barrage for the day is over and we can enjoy the calm before next week's storm: UMich consumer confidence comes at 67.7, missing expectations of a slight pick up to the prior 67.9. But what is most important is that the Hopium is finally wearing off: the Expectations component came at 61.9a large miss to both consensus and previous. Traditionally the "hope" component of confidence is what had consumers going. Not so much anymore. And indeed, the Conditions component rose from both expectations of 73.5 and the previous print of 73 to 76.6. Consumers no longer have much confidence in the future. Additionally, both 1 and 5 Year inflation expectations rose, to 2.7% and 2.8% respectively. Is the Fed succeeding in raising inflation expectations.
- Expectations: 61.9 vs. Exp. 65.0 (Prev. 64.6)
- Conditions: 76.6 vs. Exp. 73.5 (Prev. 73.0)
- 5-year Inflation: 2.8% vs. Prev. 2.7%
- 1-year Inflation: 2.7% vs. Prev. 2.6%
- 12-month economic outlook index final Oct. 67 vs. preliminary 70