The first look at January consumer sentiment from the University of Michigan
Prior was 98.3
- Current conditions 110.0 vs 116.1 prior
- Expectations 78.3 vs 87.0 prior -- lowest since October 2016
- 1-year inflation +2.7% vs +2.7% prior
- 5-10 year inflation 2.6% vs 2.5% prior
The expectations component tumbled:
The survey blamed the US government shutdown, tariffs, slower global growth.
"The decline was primarily focused on prospects for the domestic economy, with the year-ahead outlook for the national economy judged the worst since mid 2014. The loss was due to a host of issues including the partial government shutdown, the impact of tariffs, instabilities in financial markets, the global slowdown, and the lack of clarity about monetary policies," said survey chief economists Richard Curtin.
