With consumer expectations seeing a slight deterioration, the University of Michigan released a report on Friday unexpectedly showing a modest drop in U.S. consumer sentiment in the month of January.
The University of Michigan said its consumer sentiment index edged down to 98.1 in January from 98.2 in December. Economists had expected the index to rise to 98.5.
With the unexpected decrease, the consumer sentiment index pulled back after reaching its highest level since January of 2004 in the previous month.
The unexpected drop by the headline index came as the index of consumer expectations dipped to 88.9 in January from 89.5 in December.
On the other hand, the current economic conditions index rose to 112.5 in January from 111.9 in December, reaching its highest level since 2004.
The report also said one-year inflation expectations jumped to 2.6 percent in January from 2.2 percent in December, while five-year inflation expectations climbed to 2.5 percent from 2.3 percent.
by RTT Staff Writer
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