Consumer sentiment in the U.S. deteriorated by more than initially estimated in the month of December, according to a report released by the University of Michigan on Friday.
The report said the consumer sentiment index for December was downwardly revised to 95.9 from the preliminary estimate of 96.8. Economists had expected the index to be upwardly revised to 97.1.
With the unexpected downward revision, the consumer sentiment index came in further below the final November reading of 98.5.
"Consumer confidence continued to slowly sink in December, with most of the decline among lower income households," said Richard Curtin, the survey's chief economist.
The monthly drop by the headline index reflected a deterioration in consumer expectations, as the index of consumer expectations slid to 84.3 in December from 88.9 in November.
On the other hand, the current economic conditions index inched up to 113.8 in December from 113.5 in the previous month.
The report also said one-year inflation expectations climbed to 2.7 percent in December from 2.5 percent in November, while five-year inflation expectations held at 2.4 percent.
by RTT Staff Writer
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