Univ of Mich Consumer Sentiment (Prelim)
Closing out the week's calendar will be the University of Michigan's Index of Consumer Sentiment for August at 10:00 AM ET Friday. This report will give us an indication of consumer confidence, which projects consumer willingness to spend. If a consumer's confidence in their own financial and employment situation is rising, they are more apt to make large purchases in the near future. But, if they are growing more concerned about their job security or finances, they probably will delay making that large purchase. This influences future consumer spending data and therefore, impacts the financial markets. It is expected to show a minor increase from July's 51.5, meaning confidence was a little stronger this month than last and that surveyed consumers are more likely to make a large purchase. Good news for mortgage rates would be a sizable decline.