Michigan Consumer Confidence Beats Expectations At 74.3

michigan

Photo: flickr/Ian Ransley Design + Illustration

UPDATE: University of Michigan Consumer Confidence beat expectations, coming in at 74.3 versus forecasts of 73.6 and a reading of 73.6 last month.The economic conditions reading rose in to 88.7 in August from a preliminary reading of 87.6 and a July reading of 82.7.

The economic outlook reading rose to 65.1 in August from the 64.5 preliminary reading but fell from July’s reading of 65.6.

Inflation expectations for one year out matched the preliminary reading of 3.6 per cent, rising from 3.0 per cent in July.

Inflation expectations for five years out also matched the preliminary reading of 3.0 per cent, rising from 2.7 per cent in July.

———–

University of Michigan Consumer Confidence numbers come out at 9:55 a.m. this morning.

Economists are expecting a reading of 73.6 on the index, unchanged from last month.

The release is squeezed between Chicago PMI, which comes out at 9:45, and Fed Chairman Ben Bernanke’s Jackson Hole speech, which starts at 10:00.

We’ll have the number here LIVE at 9:55 a.m. ET.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.