US consumer sentiment improves in December - Uni Michigan
Consumer sentiment in the US improved in December, according to a final reading from the University of Michigan.
The consumer sentiment index rose to 98.3 from 97.5 in November and 95.9 in December last year.
Meanwhile, the current economic conditions index pushed up to 116.1 from 112.3 in November and 113.8 in December 2017.
The index of consumer expectations fell to 87.0 this month from 88.1 in November, but was up from 84.3 in December last year.
Survey of Consumers chief economist Richard Curtin said the sentiment index averaged 98.4 this year, marking the best year since 2000, when it averaged 107.6.
"While the plunge in stock prices has recently garnered the most attention in the national press, consumers have focused more on their concerns about income and job prospects," said Curtin.
"Consumers reported more negative than positive news about job prospects for the first time in two years, with the shift widespread across socioeconomic subgroups. When asked about prospects for the national unemployment rate, 30% expected increases, up from last month's 22% and the highest percentage in two years. Importantly, this still meant that 70% anticipated no increase in unemployment in the year ahead. Surprisingly, even in the last week of the survey, falling stock prices were reported by just 12% as a primary concern about recent economic developments. This may reflect their initial dismissal as another indication of the heightened volatility of stock prices, and not signal an emerging downtrend."