Consumer sentiment revived to highest level since April

Consumer sentiment revived to highest level since April

Alicia Wallace, CNN

As inflation continues to slowly and steadily decline, consumer sentiment is picking up again after last year’s dip.

The University of Michigan closely monitors the consumer sentiment index jumped to 64.6 in the January pre-survey, according to data released Friday. This is 8.2% more than the December value of 59.7, but 3.9% lower than 12 months ago.

According to the Refinitiv consensus forecast, economists had expected the index to be 60.5.

The survey also showed that consumer inflation expectations this year and five years from now were 4% and 3%, respectively. Inflation expectations for the year ahead are at their lowest level since April 2021.

Inflation expectations are key data for the Federal Reserve. If consumers believe that prices will remain high, this could lead to higher wage requirements, which could lead businesses to raise prices.

This story is evolving and will be updated.

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