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Financial News: U.S. Consumer Sentiment Index Shows Slight Drop In

U.S. Consumer Sentiment Index Shows Slight Drop In January

02/02/2018 - 10:23:00 (RTTNews)

(RTTNews) - Revised data released by the University of Michigan on Friday showed only a slight deterioration in U.S. consumer sentiment in the month of January.

The report said the consumer sentiment index for January was upwardly revised to 95.7 from the preliminary reading of 94.4. Economists had expected the index to be upwardly revised to 95.0.

With the bigger than expected upward revision, the consumer sentiment index is just below the final December reading of 95.9.

"Stock price increases and the passage of tax reforms were mentioned by all-time record numbers of consumers," said Richard Curtin, the survey's chief economist.

He added, "To be sure, there were small offsetting declines among lower income households and residents of the Northeast."

The report said the current economic conditions index fell to 110.5 in January from 113.8 in December, while the index of consumer expectations rose to 86.3 from 84.3.

On the inflation front, one-year inflation expectations held at 2.7 percent, but five-year inflation expectations crept up to 2.5 percent in January from 2.4 percent in December.

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