US consumer sentiment improves further in January

By Ovunc Kutlu

ISTANBUL (AA) – US consumer sentiment improved further in January, hovering at its highest level in nine months, according to a survey released on Friday.

The index of consumer sentiment increased 5.2 points to 64.9 in January from 59.7 in December, according to the University of Michigan's consumer survey final results.

The preliminary results released two weeks ago showed the index at 64.6 in January – its highest reading since April last year.

"Consumer sentiment confirmed the preliminary January reading, remaining low from a historical perspective but continuing to lift for the second consecutive month, rising 9% above December and reaching about 3% below a year ago," Surveys of Consumers Director Joanne Hsu said in a statement.

The index of current economic conditions increased nine points to 68.4 in January from 59.4 in December.

The index of consumer expectations rose 2.8 points to 62.7 from 59.9 during that period.

"Year-ahead inflation expectations receded for the fourth straight month, falling to 3.9% in January from 4.4% in December. The current reading is the lowest since April 2021 but remains well above the 2.3-3.0% range seen in the two years prior to the pandemic," said Hsu.