Analysts at Nomura point out that the preliminary University of Michigan consumer survey for June showed an improvement in consumer sentiment with the headline index increasing 1.3pp to 99.3.
Key Quotes
“The improvement was driven by a more positive outlook for current economic conditions and is consistent with firm consumer fundamentals in Q2 including a low unemployment rate and steady job growth. We do not expect material changes in the final Michigan survey for June, but it would be of interest to see any additional color on the impact of increased trade tensions on consumer sentiment.”
“Preliminary estimates for consumer inflation expectations at both the one- and 5-10-year horizons came in at 2.9% and 2.6%, respectively. These estimates picked up somewhat, but remained in a steady range.”
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