Michigan consumer sentiment index slips in January
US consumer sentiment deteriorated a touch in January, according to a preliminary reading from the University of Michigan.
The Michigan sentiment index slipped to 99.1 from 99.3 the month before, coming in just slightly below consensus expectations for an unchanged reading.
The expectations index nudged down 0.6 points, while the current conditions gauge ticked up 0.3 points.
"Both moves are insignificant," said Ian Shepherdson, chief economist at Pantheon Macroeconomics.
"Sentiment remains very positive, and consistent with strong growth in consumers’ sentiment but it’s no longer rising; the impact of higher gas prices appears to be offsetting the upward pressure from the rising stock market. Higher gas prices likely explain the increase in inflation expectations, to 2.5% for both the one- and five-year horizons, up from 2.3% and 2.2% respectively in November. The gains just reverse November’s declines; the trend is flat."