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1/25, 4:02 PM (Source: TeleTrader)
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US consumer sentiment down 2.5% in January

The Consumer Sentiment Index in the United States decreased 2.5% on a monthly basis in January and stood at 68.8, according to the final report by the University of Michigan released on Tuesday.

Compared to January 2021, it was down 12.9%. The Current Economic Conditions Index was down 1.3% month-on-month and down 15.6% annually, while the Index of Consumer Expectations fell 3.5% monthly and dropped 10.9% year-over-year.

"While the Delta and Omicron variants certainly contributed to this downward shift, the decline was also due to an escalating inflation rate. Three-quarters of consumers in early January ranked inflation, compared with unemployment, as the more serious problem facing the nation," the report stated, adding that the most crucial task will be to break the price and wage spiral that is developing.

Baha Breaking the News (BBN) / JGA