Customers shop at a supermarket in Foster City, California, the United States, on Dec. 21, 2023. (Photo by Li Jianguo/Xinhua)
The UM consumer sentiment index in December reversed four consecutive months of declines and reached its highest reading since July.
CHICAGO, Dec. 22 (Xinhua) -- The Consumer Sentiment Index released Friday by the University of Michigan (UM) Surveys of Consumers rose to 69.7 in the December 2023 survey, up from 61.3 in November and above last December's 59.8.
The Current Index rose to 73.3, up from 68.3 in November and above last December's 59.6. The Expectations Index rose to 67.4, up from 56.8 in November and above last December's 60.0.
The UM consumer sentiment index in December reversed four consecutive months of declines and reached its highest reading since July. UM economist Joanne Hsu, director of the Surveys of Consumers, attributed the soaring of the index by 14 percent to sharp improvements in how consumers view the trajectory of inflation.
Sentiment rose across the population, with increases among consumers of all ages, incomes, education levels, political affiliations and regions of the country, Hsu said. Sentiment is now just shy of the midpoint between the pre-pandemic reading and the historic low reached in June 2022.
All five index components rose in December, a relatively rare occurrence seen in less than one-tenth of readings since 1978. The short-run economic outlook rose a remarkable 28 percent, and the long-run outlook surged 33 percent.
Consumer views of the future path of inflation and the stock market all showed marked gains this month.
Assessments of personal finances improved by about 5 percent in December, as concerns that high prices are eroding living standards waned modestly for the second consecutive month. Strength in incomes continued to support consumer spending; about 55 percent of consumers expect their incomes to rise at least as fast as inflation in the year ahead, up from 49 percent in November.
"Consumers are increasingly confident that inflation slowdown will continue, which has led them to upgrade their outlook over the economy," Hsu said.
The Surveys of Consumers is a rotating panel survey based on a nationally representative sample that gives each household in the coterminous United States an equal probability of being selected. Interviews are conducted throughout the month by telephone. ■
留言 0