CONSUMER CONFIDENCE UNEXPECTEDLY FALLS TO 71.3

Michigan Stadium

Photo: Wikimedia Commons

UDPATE: The University of Michigan’s preliminary consumer confidence survey for the month of January is out.Click here for updates >

The index fell to 71.3 from last month’s reading of 72.9, defying expectations of a rise to 75.0.

The economic conditions index fell to 84.8 in January from 87.0 the month before.

The economic outlook index fell to 62.7 from last month’s 63.8 reading.

Inflation expectations a year ahead edged up to 3.4 per cent from 3.2 per cent last month.

Inflation expectations five years out were unchanged this month at 2.9 per cent.

—————–

ORIGINAL: Minutes away from the only economic data release in the United States today – the University of Michigan’s consumer confidence survey, due out at 9:55 AM ET.

Economists expect the index to rise to 75.0 from last month’s reading of 72.9.

We will have the number LIVE at 9:55 AM ET. Click here for updates >

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.