The University of Michigan on Friday reported that the Index of Consumer Sentiment in January’s final reading rose to 91.2 from 90.7 announced in the previous estimate and came in slightly above the market expectation of 90.8.
Key takeaways from the press release
- The end of the shutdown caused only a modest boost in the Sentiment Index.
- The typical impact of such “crisis” events is short lived, with consumers quickly regaining lost confidence.
- Consumers still viewed their financial prospects quite positively.
- Consumers were not as optimistic about future job gains, which was a consequence of the expected weakening of the economy due to the shutdown.
January (final) results
- Index of Consumer Sentiment at 91.2 vs 98.3 in December.
- Index of Current Economic Conditions at 108.8 vs 116.1 in December.
- Index of Consumer Expectations at 79.9 vs 87 in December.
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