Revised data released by the University of Michigan on Friday unexpectedly showed a deterioration in U.S. consumer sentiment in the month of January.
The University of Michigan said the consumer sentiment index for January was downwardly revised to 92.0 from the preliminary reading of 93.3.
The revised reading on the index came in below economist estimates of 93.0 and is now down from 92.6 in December.
The decrease compared to the previous month came as the current economic conditions index fell to 106.4 in January from 108.1 in December.
The January index of consumer expectations was also downwardly revised to 82.7 and is now unchanged compared to the previous month.
Richard Curtin, the survey’s chief economist, said, “Consumer confidence has remained largely unchanged, as the January reading was just 0.6% below last month’s level.”
“The small downward revisions were due to stock market declines that were reflected in the erosion of household wealth, as well as weakened prospects for the national economy,” he added.
With regard to inflation, the report said one-year inflation expectations dipped to 2.5 percent in January from 2.6 percent in December, while five-year inflation expectations inched up to 2.7 percent from 2.6 percent.
The material has been provided by InstaForex Company – www.instaforex.com