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2009 Economic Calendar |
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Resource Center » U.S. & Intl Recaps | Release Dates | Why Investors Care | Today's Calendar
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The University of Michigan's Consumer Survey Center questions 500 households each month on their financial conditions and attitudes about the economy. Consumer sentiment is directly related to the strength of consumer spending. Consumer confidence and consumer sentiment are two ways of talking about consumer attitudes. Among economic reports, consumer sentiment refers to the Michigan survey while consumer confidence refers to The Conference Board's survey. Why Investors Care
| Released on 11/21/07 For Nov 2007 | ||||||||||||
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Highlights
Consumer sentiment showed no further deterioration from earlier in the month according to Reuters/University of Michigan's report that showed a headline final November index of 76.1 vs. 75.0 in the month's preliminary report. Though steady over the last couple of weeks, the November readings compare with 80.9 for October. One-year inflation expectations showed no new pressures from mid-month, at 3.4 percent vs. October's 3.1 percent. New gains in oil prices, however, may very likely increase expectations in the mid-December report. Note that 5-year expectations did inch 1 tenth higher vs. the mid-month report to 2.9 percent.
Consumer spirits are on the soft side, but not dramatically, going into this weekend's kickoff of the holiday shopping season. Treasuries showed no significant reaction to the report though the dollar did firm slightly. The next report on consumer spirits will be Tuesday's monthly data from the Conference Board.
The Reuters/University of Michigan's consumer sentiment index fell to 75.0 in the preliminary November report, down from 80.9 in October for the worst reading since Hurricane Katrina in 2005. Even worse news is a 3 tenth jump in 1-year inflation expectations to 3.4 percent, the result of rising gas prices. The consumer sentiment numbers corroborate the Fed's view that the consumer sector is slowing but also that headline inflation is under upward pressure in the near term.
Consumer sentiment index Consensus Forecast for final November 07: 75.0
Range: 72.0 to 75.1
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Consumer sentiment is mainly affected by inflation and employment conditions. However, consumers are also impacted by current events such as bear & bull markets, geopolitical events such as war and terrorist attacks. Investors monitor consumer sentiment because it tends to have an impact on consumer spending over the long run (although not necessarily on a monthly basis.) |
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