US consumer confidence improved more than expected in December. Consumer climate surveyed by the University of Michigan rose from 56.8 points in the previous month to 59.1 points, the university announced Friday after a preliminary estimate. Analysts only expected an increase to 57.0 points.
Thus, the consumer climate moved away from a record low of 50.0 in June. In December, both the outlook assessment and the current situation improved.
Meanwhile, consumers’ near-term inflation expectations have unexpectedly eased. Over the course of a year, they have seen an inflation rate of 4.6 percent. This is the lowest level since September 2021. In the previous month, this value was 4.9 percent. According to the university, this is mainly due to the drop in petrol prices. Looking five to 10 years into the future, consumers still expect a rate of 3.0 percent. However, the US Federal Reserve is aiming for a rate of two percent.
The index from the University of Michigan is a measure of the purchasing behavior of American consumers. It is based on a telephone survey of about 500 households. An assessment of the financial and economic situation and the corresponding expectations are inquired.
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