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- U.S. consumer sentiment slightly worse than initially estimated in January
U.S. consumer sentiment slightly worse than initially estimated in January
The final
reading for the January Reuters/Michigan index of consumer sentiment came in at
79.0 compared to a preliminary reading of 79.2 and the December final reading
of 80.7.
Economists had
forecast the index to remain unrevised at 79.2.
According to
the report, the index of consumer expectations slipped 0.8 percent m-o-m to 74.0
from December’s final reading of 74.6, while the index of the current economic
conditions fell 3.7 percent m-o-m to 86.7 from December’s final reading of 90.0.
“Consumer
sentiment remained largely unchanged in the last half of January from earlier
in the month,” noted Richard Curtin, the Surveys of Consumers chief economist. “The
overall stability of consumer confidence has benefitted from wearing masks and
social distancing, the quick substitution of home for office work, and the
prompt distribution of generous federal benefits. These factors helped to
absorb the pandemic's negative impact on the economy as well as on personal
finances.”
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