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U.S. Consumer Sentiment Improves More Than Previously Estimated In December
(RTTNews) - Revised data released by the University of Michigan on Friday showed consumer sentiment in the U.S. improved by slightly more than initially estimated in the month of December.
The University of Michigan said its consumer sentiment index for December was upwardly revised to 69.7 from a preliminary reading of 69.4. Economists had expected the index to be unrevised.
With the upward revision, the consumer sentiment index is even further above the final November reading of 61.3.
"All age, income, education, geographic, and political identification groups saw gains in sentiment this month," said Surveys of Consumers Director Joanne Hsu.
She added, "The index is now just shy of the midpoint between the pre-pandemic reading and the historic low reached in June 2022."
The report said the current economic conditions index jumped to 73.3 in December from 68.3 in November, while the index of consumer expectations spiked to 67.4 from 56.8.
With regard to inflation expectations, year-ahead inflation expectations plunged to 3.1 percent in December from 4.5 percent in November, hitting the lowest level since March 2021.
Long-run inflation expectations also fell to 2.9 percent in December from 3.2 percent in November, staying within the narrow 2.9-3.1 percent range for 26 of the last 29 months.
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