Consumer sentiment sours in January
Consumer sentiment declined from the prior month with a reading of 71.3, the lowest consumer sentiment level seen since December 2011, according to data from the Reuters/University of Michigan Survey of Consumers.
Today's early release of the Reuters/University of Michigan Survey of Consumers for January indicated an decline in consumer sentiment from the prior month with a reading of 71.3, the lowest level seen since December 2011 and a decline of 4.93% on an annual basis while one year inflation expectations rose to 3.4%.Skip to next paragraph
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The Index of Consumer Expectations (a component of the Conference Board's Index of Leading Economic Indicators) also declined falling to 62.7 while the Current Economic Conditions Index slumped to 84.4.
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It's important to recognize that consumer sentiment has seriously eroded over the past few months with the current results remaining near levels not seen since 1980, a major indication that consumers are in the process of tightening even further on spending.