UM Consumer Sentiment Survey

As expected, the final reading for the University of Michigan consumer sentiment survey retreated lower to 78.4 (consensus 79) from the earlier reported level of 80.5 for January. Still, this is an improvement from the 75.5 reading of December, which was the second lowest reading since the early 90s. Both current conditions and future expectations eased from their preliminary January readings, but both are higher versus December. Current economic conditions finished at 94.4 (vs Dec at 91), and the economic outlook finished at 68.1 (vs Dec at 65.6). Inflation expectations held constant from the preliminary reading at +3.4% over the next year and +3% annually over the next five years. In December the five year inflation expectation was slightly higher at+3.1%.