The preliminary results of the University of Michigan’s January consumer confidence survey are out.
The report’s headline index unexpectedly fell to 80.4 from December’s 82.5 reading. Economists were looking for an advance to 83.5.
The economic conditions sub-index fell to 95.2 from December’s 98.6 reading, while the economic outlook sub-index fell to 70.9 from 72.1.
“The details of the survey provide little contrary evidence to the weaker headline report, with consumer purchase expectations for homes and durables slipping during the month,” says Gennadiy Goldberg, a U.S. strategist at TD Securities.
“Home purchase expectations fell to 158 from 167, even as they remain near recently more solid levels. The fall in January durable goods purchase expectations may simply have been a retracement from last month’s cycle high 156 print, with expectations now slipping to 146. Auto purchase expectations continued to recover, however, rising to 141 from 136 — a positive sign given the December slowdown in auto sales. Overall, consumer purchase expectations hint that despite their latest slowing, consumer spending is likely to continue supporting economic growth in the months to come.”
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