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U.Mich Current Conditions Still Weakest Since Nov’08

  • The finalised UMich consumer survey was little changed from the preliminary print, i.e. still very weak.
  • The perception of current conditions was revised slightly lower to 63.3 (-0.3pts), which as a reminder is the lowest since Nov-2008 when it hit a low of 57.5.
  • There continues to be a record gap with the separate Conference Board measure (more weight on the labor market vs U.Mich being more heavily impacted by inflation/broader business conditions) which historically at least has been crudely consistent with further flattening in 2s10s.

U.Mich consumer sentiment (white), Conference Board present situation (yellow), spread between the two (green) and UST 2s10s (pink) Source: Bloomberg

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