January Consumer Sentiment Largely Unchanged -- Update
18 January 2020 - 3:08AM
Dow Jones News
By David Harrison
Americans' economic outlook weakened very slightly at the start
of January but remained near its recent highs, according to a
University of Michigan survey released Friday.
The survey's headline index of consumer sentiment was 99.1 in
early January, down from 99.3 at the end of December. Economists
surveyed by The Wall Street Journal had expected a reading of
99.5.
The survey's index of current economic conditions -- based on
respondents' views of consumers' financial situation -- was 115.8,
up slightly from 115.5 at the end of December.
Richard Curtin, the survey's chief economist, said the numbers
suggests consumer spending, which has powered the record-long
expansion, should remain strong in the near term.
"Consumers will continue to sustain the expansion due to their
favorable judgments about their current and prospective financial
situation," he said. "Of course, whether that strength will last
another two years is uncertain given the election season has begun
and will feature fundamental changes in taxes and spending
programs."
Respondents to the survey reported feeling upbeat about their
prospects this year. About 57% saw economic conditions improving,
up from 55% last month, Mr. Curtin said. Low mortgage rates also
led respondents to say home buying conditions were favorable.
The data release was delayed due to a fiber cut, according to
the survey's website.
Write to David Harrison at david.harrison@wsj.com
(END) Dow Jones Newswires
January 17, 2020 10:53 ET (15:53 GMT)
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