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- Thomson Reuters/University of Michigan preliminary consumer sentiment index climbs to 93.3 in January
Thomson Reuters/University of Michigan preliminary consumer sentiment index climbs to 93.3 in January
The Thomson Reuters/University of Michigan preliminary consumer sentiment index climbed to 93.3 in January from a final reading of 92.6 in December, exceeding expectations for an increase to 93.0.
"Consumer optimism is now dependent on the continuation of an extraordinarily low inflation rate. Rather than welcoming a rising inflation rate as a signal of a strengthening economy, consumers are now more likely to reduce the pace of their spending and thus act to erase the Fed's rationale for higher interest rates," the Surveys of Consumers chief economist at the University of Michigan Richard Curtin said.
"Given the favourable overall state of the Sentiment Index, the data continue to indicate that real personal consumption expenditures can be expected to advance by 2.8% in 2016," he added.
The index of current economic conditions declined to 105.1 in January from 108.1 in December, while the index of consumer expectations rose to 85.7 from 82.7.
The one-year inflation expectations fell to 2.4% in January from 2.6% in December.
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