January Consumer Confidence Comes In At 72.8; Below Expectations Of 74.0
University of Michigan January Consumer Confidence came in at 72.8, below expectations of 74, which would have been an increase from unrevised December of 73.4. Instead December was revised down to 72.5 to make January seem like an improvement. The Sentiment number was driven higher by better than expected Current Conditions, which came in at 81 (prelim), up from 78 in December, while Expectations dropped to 67.5 from a revised 68.9 in December (69.7 unrevised). Inflation expectations for 1 Year increased from a final December read of 2.5 to 2.8 (which incidentally is the expectation for the 5 Year inflation expectations as well).