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- U.S. consumer sentiment index decreases more than anticipated in early January
U.S. consumer sentiment index decreases more than anticipated in early January
A report from
the University of Michigan revealed on Friday the preliminary reading for the
Reuters/Michigan index of consumer sentiment decreased 1.9 percent m-o-m to 79.2
in early January.
Economists had
expected the index would drop to 80.0 this month from December’s final reading of
80.7.
According to
the report, the index of current U.S. economic conditions fell 2.6 percent
m-o-m to 87.7 in January from 90.0 in the previous month. Meanwhile, the index
of consumer expectations dropped 1.1 percent m-o-m to 73.8 this month from 74.6
in December.
“Consumer
sentiment posted trivial declines in early January despite the horrendous rise
in covid-19 deaths, the insurrection, and the impeachment of Trump”, noted
Surveys of Consumers chief economist, Richard Curtin. Two offsetting shifts
helped narrow the January loss in sentiment: the covid-19 vaccines and a
partisan shift in expectations due to the anticipated impact of Biden's
economic policies,” he added.
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