Consumer sentiment in the U.S. has seen a slight improvement in the month of December, the University of Michigan revealed in a report on Friday.
The University of Michigan said the preliminary reading on its consumer sentiment index for December came in at 91.8 compared to the final November reading of 91.3. Economists had expected the index to inch up to 92.0.
Richard Curtin, the survey’s chief economist, said, “While the preliminary December reading was largely unchanged from last month, consumers evaluated current economic conditions more favorably and expected future prospects less favorably.”
“Importantly, the survey recorded persistent strength in personal finances and buying plans, while the largest loss was in how consumers judged prospects for the national economy during the year ahead,” he added.
While the report said the current economic conditions index jumped to 107.0 in December from 104.3 in November, the index of consumer expectations dipped to 82.0 from 82.9.
On the inflation front, one-year inflation expectations edged down to 2.6 percent in December from 2.7 percent in November, while five-to-ten-year inflation expectations were unchanged at 2.6 percent.
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