U.S. Consumer Sentiment Unexpectedly Improves In February
February 14 2020 - 4:13AM
RTTF2
Reflecting an improvement in expectations, the University of
Michigan released a report on Friday showing an unexpected increase
in U.S. consumer sentiment in the month of February.
Preliminary data showed the consumer sentiment index rose to
100.9 percent in February from the final January reading of 99.8.
The uptick surprised economists, who had expected the index to edge
down to 99.5.
The unexpected increase by the headline index came as the index
of consumer expectations climbed to 92.6 in February from 90.5 in
January.
On the other hand, the report said the current economic
conditions expected slipped to 113.8 in February from 114.4 in
January.
"Net gains in household income and wealth were reported more
frequently in early February than at any prior time since 1960,"
said Surveys of Consumers chief economist Richard Curtin.
However, Curtin added, "These gains in consumers' economic
assessments have also been accompanied by a faint stirring of two
powerful sources of uncertainty."
Curtin said just 7 percent of respondents mentioned the
coronavirus when asked to explain their economic expectations,
while only 10 percent mentioned some aspect of the upcoming
presidential election.
On the inflation front, the report said one-year inflation
expectations were unchanged at 2.5 percent, while five-year
inflation expectations fell to 2.3 percent from 2.5 percent.
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