WASHINGTON (MNI) – The early reading of U.S. consumer sentiment in
January came in better than expected and is the highest level since May
according to the Reuters/University of Michigan Consumer Sentiment
survey released Friday.
The preliminary January consumer sentiment index was 74.0, above
median expectations of 71.5 in a Market News International survey of
economists, and compared to 69.9 last month. The consumer sentiment
index was 64.1 in November and 60.9 in October.
The index’s measure of how consumers view current conditions came
in at 82.6 — the highest since February — and an increase from 79.6 in
December’s report. The index was 77.6 in November and 75.1 in October.
The preliminary gauge of consumers’ expectations of future
conditions rose to 68.4, up 4.8 points from December’s reading, and also
the highest level since May. This after coming in at 55.4 in November
and 51.8 in October.
According to the report, consumers’ 12-month economic outlook rose
to 79.0 vs. 70.0 in December.
Consumers’ preliminary 1-year inflation expectations for January
rose to 3.2% from 3.1% in December. The expectation was also for 3.2% in
November. Initial five-year inflation expectations are at 2.8% in
January, up from December’s expectation of 2.7%.
** Market News International Washington Bureau: 202-371-2121 **
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