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- U.S. consumer sentiment index unexpectedly increases in early December
U.S. consumer sentiment index unexpectedly increases in early December
A report from the University of Michigan revealed on Friday the preliminary reading for the Reuters/Michigan index of consumer sentiment increased 5.9 percent m-o-m to 81.4 in early December.
Economists had expected the index would drop to 76.5 this month from November’s final reading of 76.9.
According to
the report, the index of current U.S. economic conditions rose 5.5 percent
m-o-m to 91.8 in December from 87.0 in the previous month. Meanwhile, the index
of consumer expectations surged 6.0 percent m-o-m to 74.7.3 this month from 70.5
in Nonember.
“Consumer
sentiment posted a surprising increase in early December due to a partisan
shift in economic prospects”, noted Surveys of Consumers chief economist,
Richard Curtin“. Following Biden's election, Democrats became much more
optimistic, and Republicans much more pessimistic, the opposite of the partisan
shift that occurred when Trump was elected,” he added.
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