The University of Michigan reports higher-than-expected consumer sentiment in December

According to a University of Michigan survey, the final consumer sentiment index rose to 59.7 in December, beating preliminary expectations and analysts’ expectations of 59.1, after reaching 56.8 in November. The sentiment index was bolstered by confidence in the U.S. economic outlook.

Consumers expect inflation to rise to 4.4% next year, down from last month’s reading of 4.9%. Over the next five years, consumers expect inflation to reach 2.9%, down from last month’s reading of 3.0%.

In addition, the index of confidence in the current economic situation and in the next 6 months has also increased.

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