Michigan sentiment slipped to 97.8
Michigan sentiment slipped to 97.8 from a 13-year high of 100.7 in October but a lower 95.1 in September, leaving the Michigan sentiment back below the previous 13-year high of 98.5 in January. All the confidence surveys have strengthened sharply in 2017 despite moderation for some measures from Q1 peaks. The IBD/TIPP index bounced to 53.6 from 50.3 in October but a similar 53.4 in September, versus a 56.4 cycle-high in February. The weekly Bloomberg Consumer Comfort index sat at 51.5 in the first week of November, after averages of 50.8 in October and 51.2 in September. Analysts saw a 52.5 monthly cycle-high in August and a weekly cycle-high of 53.3 in late-August. Analysts expect a November uptick in consumer confidence to a new 17-year high of 126.0 from a prior 17-year high of 125.9 in October and 120.6 in September. Confidence, producer sentiment and small business optimism have climbed since October of 2016 in the face of a factory rebound that is trimming excess capacity, equity and home price gains, and a global growth rebound that includes an improving trajectory for U.S. GDP.