U.S. Consumer Sentiment Improves Less Than Initially Estimated In December
A report released by the University of Michigan on Wednesday showed U.S. consumer sentiment improved by less than initially estimated in the month of December.
The report said the consumer sentiment index for December was downwardly revised to 80.7 from the previously reported 81.4.
While economists had expected a more modest downward revision to 81.3, the index remains well above the final November reading of 76.9.
“The Sentiment Index slipped in late December, although it remained higher than last month despite the ongoing surge in covid infections and deaths,” said Surveys of Consumers chief economist Richard Curtin.
He added, “The improvement was due to a large and rapid partisan shift, with Democrats becoming much more positive and Republicans much more negative.”
The report said current economic conditions index rose to 90.0 in December from 87.0 in November, while the index of consumer expectations climbed to 74.6 from 70.5.
On the inflation front, one-year inflation expectations slid to 2.5 percent in December from 2.8 percent in November. Five-year inflation expectations were unchanged at 2.5 percent.
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