(RTTNews) - Consumer sentiment in the U.S. rebounded by less than previously estimates in the month of December, according to revised data released by the University of Michigan on Friday.
The University of Michigan said its consumer sentiment index for December was downwardly revised to 52.9 from a preliminary reading of 53.3. Economists had expected the index to be upwardly revised to 53.4.
Despite the downward revision, the index is still above the November reading of 51.0, which marked its lowest level since hitting a record low of 50.0 in June 2022.
The increase compared to the previous month reflected an improvement in consumer expectations, with the index of consumer expectations surging to 54.6 in December from 51.0 in November.
Meanwhile, the University of Michigan said the current economic conditions index fell to 50.4 in December from 51.1 in November.
The report also said year-ahead inflation expectations decreased for the fourth consecutive month, falling to an eleven-month low of 4.2 percent in December from 4.5 percent in November.
Long-run inflation expectations also eased to 3.2 percent in December from 3.4 percent in November, matching the January 2025 reading.
"In comparison, readings ranged between 2.8 and 3.2% last year, and were below 2.8% throughout 2019 and 2020," said Surveys of Consumers Director Joanne Hsu.
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