1/28, 4:00 PM (Source: TeleTrader)
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US consumer confidence worsens in January

Consumer Sentiment Index in the United States decreased 4.8% on a monthly basis to 67.2 points in January, according to a final report published by the University of Michigan on Friday. The index plummeted 14.9% year-over-year.

The Current Economic Conditions Index declined 3% month-on-month and 17% compared to January 2021. Meanwhile, the Index of Consumer Expectations was down 6.1% from the previous month and dropped 13.4% on an annual basis.

"While supply chains and essential workers have sparked the initial increases in prices and wages, a wage-price spiral that has subsequently developed is no longer tied to those precipitating conditions. Household spending had been supported by an extraordinary pace of rising home and stock prices that is likely to turn negative in the year ahead. Overall confidence in government economic policies is at its lowest level since 2014," Surveys of Consumers Chief Economist Richard Curtin wrote in the report.

Baha Breaking the News (BBN) / MS