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Economy in Brief
EMU Trade Surplus Expands on Weak Import Rise
In the EMU, both import and export gains were modest in January...
U.S. JOLTS: Job Openings Remain Abundant
The Bureau of Labor Statistics reported that the total job openings rate increased to 4.8% during January...
U.S. Industrial Production Edges Higher
Industrial production increased a less-than-expected 0.1% (3.5% y/y) during February...
Empire State Manufacturing Index Retreat Suggests Continued Slow Growth
The Empire State Manufacturing Index of General Business Conditions fell to 3.7 this month...
EMU Inflation Trends Are Still Weak
The EMU HICP for February gained 0.1%, the same as in January, after a 0.2% decline in December...
by Tom Moeller August 31, 2012
The University of Michigan's Index of Consumer Sentiment for August rose to 74.3 from an unrevised 72.3 in July. The figure also was up from the mid-August reading of 73.6. The latest number beat expectations for 73.8. During the last ten years there has been a 60% correlation between the level of sentiment and the three-month change in real personal consumption expenditures. A rebound in the Current Conditions index to 88.7 from 82.7 accounted for the August rise in Consumer Sentiment. The Consumer Expectations component slipped m/m to 65.1, still its lowest since December.
The Reuters/University of Michigan survey data are not seasonally adjusted. The readings are based on telephone interviews with over 300 households. Data can be found in Haver's USECON database. The expectations figure is from Action Economics and is found in Haver's AS1REPNA database.
Monetary Policy since the Onset of the Crisis is the title of today's speech by Fed Chairman Ben S. Bernanke and it is available here.
| University of Michigan (Q1'66 = 100) |
Aug | Jul | Jun | Aug'11 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| Consumer Sentiment | 74.3 | 72.3 | 73.2 | 55.8 | 67.3 | 71.8 | 66.3 |
| Current Economic Conditions | 88.7 | 82.7 | 81.5 | 68.5 | 79.1 | 80.9 | 69.6 |
| Consumer Expectations | 65.1 | 65.6 | 67.8 | 47.6 | 59.8 | 66.0 | 64.1 |
