The US consumer sentiment recorded a small overall increase in early December even though it was almost the same as the average figure in the prior four months.
- The preliminary estimate of the index of consumer sentiment recorded by the University of Michigan increased to 70.4 in December from 67.4 in November.
- Richard Curtin, the survey’s chief economist, stated that renewed optimism was among the reasons for the increase in consumer sentiment.
- Curtin further stated the increase signaled an emerging wage-price spiral that could heighten higher in the upcoming years.
- Americans projected the inflation rate for the next year to remain unchanged at 4.9% in December. In the next five years, consumers forecast prices to increase 3.0%, changed from the previous month.
Consumers’ assessment of the current economic conditions increased to 74.6 in December from 73.6 in November. The index of consumer expectations increased to 67.8 from 63.5 the prior month.
DXY up +0.01%, EUR USD down -0.01%Source: Surveys of Consumers
