U.S. Final June Michigan CSI - Unimpressive response to Middle East progress
1
Final June Michigan CSI data has shown a limited response to progress on Middle East peace, overall with a modest upward revision to 49.5 from 48.9 with not much change to the inflation view.
The lack of a large upward revision reflects that the preliminary reading was well above May’s 44.8 if below April’s 49.5.
Current conditions were revised lower to 47.7 from 48.4 but remain above May’s 45.8. Expectations were revised up to 50.7 from 49.3, reaching their highest since March.
The 1-year inflation view is unrevised at 4.6% if down from 4.8% in May. The 5-10 year view at 3.3% compares to a preliminary 3.4% but is well below May’s alarming final of 3.9%.