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Economy in Brief
U.S. FHFA House Price Index Increases Minimally M/M, Weakens Y/Y
The FHFA U.S. House Price Index for home purchases inched 0.1% higher during May...
Philadelphia Fed Nonmanufacturing Business Activity in Partial Rebound
The Philadelphia Fed reported that its Nonmanufacturing Business Index of current conditions at the company level rose to 24.6 in July...
U.S. Energy Product Prices Slip
The pump price for a gallon of regular gasoline in the U.S. backpedaled to $2.75 (-2.9% y/y) last week...
U.K. CBI Survey-Weaker with Improved Outlook at Least on Paper
A plunge in orders vs. a slight uptick in expected output ahead...
Chicago Fed National Activity Index Steadies
The Chicago Fed reported that its National Activity index was little changed at -0.02 during June...
by Tom Moeller September 17, 2004
The University of Michigan’s consumer sentiment index for mid-September was little changed from August at 95.8 but it was below Consensus expectations for 96.5.
During the last ten years there has been a 75% correlation between the level of consumer sentiment and the y/y change in real PCE.
The expectations sub-index improved slightly to 89.4 but the index of current economic conditions eased to 105.8.
The University of Michigan survey is not seasonally adjusted.The mid-month survey is based on telephone interviews with 250 households nationwide on personal finances and business and buying conditions. The survey is expanded to a total of 500 interviews at month end.
| University of Michigan | Mid-Sept | Aug | Y/Y | 2003 | 2002 | 2001 |
|---|---|---|---|---|---|---|
| Consumer Sentiment | 95.8 | 95.9 | 9.2% | 87.6 | 89.6 | 89.2 |
| Current Conditions | 105.8 | 107.9 | 7.5% | 97.2 | 97.5 | 100.1 |
| Consumer Expectations | 89.4 | 88.2 | 10.6% | 81.4 | 84.6 | 82.3 |
