The Michigan sentiment drop to 99.0
The Michigan sentiment drop to 99.0 from 100.1 in September left the measure still-above its 7-month low of 96.2 in August, and at an historically high level that lies below the 14-year high of 101.4 last March and the 100.7 peak in October of 2017, but above the peak before that of 98.5 in January of 2017. Analysts've seen a mixed pattern of revisions for Michigan sentiment in the 2018 final reports, with a 0.7 downward revision in September, but upward revisions of 0.9 in August and 0.8 in July. Analysts've seen a 0.1 average upward revision in 2018. For other surveys, the IBD/TIPP index popped to 57.8 from 55.7 in September, versus a similar 58.0 cycle-high in August. The Bloomberg Consumer Comfort index exhibited a 4-week climb to a 61.6 cycle-high in the final week of September that left a cycle-high average of 60.3 in September, before slipping to 59.5 at the start of October. The consumer confidence index is expected to fall to 135.0, following the September surge to an 18-year high of 138.4 from a prior high of 134.7 in August. The October reading would mark the second highest reading in 18 years.