In the US session, Chicago PMI and Revised Consumer Sentiment figures were released. Consumer confidence fell to a seven-month low in April as Americans’ expectations about economic growth dropped to the lowest point since September 2014. The University of Michigan final index of sentiment declined to 89 from 91 in March. The median projection in a Bloomberg survey of economists was 90. The preliminary reading for this month was 89.7. Worker pay that’s advanced slowly during the expansion and the ongoing negativity in the presidential election campaign have left Americans guarded. While households viewed their finances as currently favorable, they’re saving more in the event that employment softens along with wage growth.
Separate report on Chicago PMI showed that it decreased 3.2 points to 50.4 in April from 53.6 in March led by a fall in New Orders and a sharp drop in Order Backlogs. It marks a slow start to the second quarter, with most measures down from levels seen a year earlier. Three of the five Barometer components decreased between March and April, with only Production and Supplier Deliveries posting increases on the month. April’s decline left the three-month trend running at a softer pace of 50.5, having ended Q1 at the highest level in over a year.
From Australia, on Monday, NAB Business Confidence data is scheduled for a release. In the US session ISM Manufacturing PMI figures will be published. Analysts are predicting decrease to 56.6.
Figures to watch:
NAB Business Confidence (Monday 3:30)
ISM Manufacturing PMI (Monday 16:00)
