University of Michigan consumer confidence rises above expectations in January

The final estimate of University of Michigan index of consumer confidence was upwardly revised to 95.7 in January. This is above consensus expectations of 95. Revisions were equally divided between the present situation and consumer expectations sub-indices.

The one-year inflation index was downwardly revised to 2.7 percent. The moderation in January compared to December was driven from a slight fall in purchasing conditions as consumers viewed prices as less attractive after the holiday season discounts. However, the report indicates that consumers continue to be positive about job growth and incomes. Overall, consumer confidence continues to be on a solid footing and is expected to be supportive of the GDP growth in months ahead, stated Barclays in a research report.

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