A good US print before we start the weekend
Summary: The latest UMich consumer sentiment survey confirms that household spending should keep driving the US economy in the near term.
Today, preliminary results are out. It is a solid US consumer survey, that why’s our comment will be rather short. Consumer sentiment is still in its long-term range, climbing at 96.0 vs expected 92.0. Current conditions (113.4), expectations (84.8) and inflation expectations (1yr at 2.5% and 5y at 2.2%) are all well-oriented.
The record-long US expansion is likely to continue supported by solid US consumer spending and healthy household spending in the coming months.