The Michigan sentiment drop to 95.3
The Michigan sentiment drop to 95.3 from 96.8 in August left the measure still above recent readings of 93.4 in July and 95.1 in June, though below the 13-year high of 98.5 in January. The Michigan sentiment figures were likely depressed by the dual hurricanes, and analysts might see an upward revision at month-end. For other surveys, the IBD/TIPP index rose to 53.4 from 52.2 in August and 50.2 in July, versus a 56.4 cycle-high in February. The weekly Bloomberg Consumer Comfort index has slipped to a 52.3 average in the first two weeks of September from a cycle-high 53.3 in the fourth week of August, leaving the figures slightly below the 52.5 monthly cycle-high in August. Analysts expect a September consumer confidence downtick to 122.0 from 122.9 in August but a lower 120.0 in July, leaving confidence still-near the 16-year high of 124.9 in March.