Modified data released by the University of Michigan on Friday showed only a small degeneration in U.S. consumer sentiment in the month of January.
The report said the customer sentiment index for January was upwardly revised to 95.7 from the preliminary reading of 94.4. Economic experts had actually expected the index to be upwardly modified to 95.0.
With the larger than expected upward revision, the customer belief index is just below the last December reading of 95.9.
“Stock price boosts and the passage of tax reforms were pointed out by all-time record varieties of customers,” said Richard Curtin, the survey’s primary economic expert.
He included, “To be sure, there were little balancing out declines among lower earnings homes and locals of the Northeast.”
The report stated the existing economic conditions index was up to 110.5 in January from 113.8 in December, while the index of consumer expectations increased to 86.3 from 84.3.
On the inflation front, one-year inflation expectations held at 2.7 percent, however five-year inflation expectations crept up to 2.5 percent in January from 2.4 percent in December.
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