The University of Michigan’s consumer confidence for the US surprisingly increased to 59.1 in December 2022 from 56.8 in November, above market expectations of 56.9. The assessment of the current state of affairs was better (60.2 versus 58.8), while the expectations index increased to 58.4 from 55.6, the highest level since April.
The five-year prognosis remained constant at 3% but inflation estimates for the year ahead slipped to 4.6%, the lowest number since September 2021. Director of Surveys of Consumers Joanne Hsu stated: “Gains in the sentiment index were found across different demographic categories, with notably strong gains for higher-income families and those with bigger stock holdings, encouraged by recent improvements in financial markets.”
By the conclusion of this quarter, consumer confidence in the United States is anticipated to be 59.10 points. From 1952 through 2022, the Consumer Confidence Index in the United States averaged 85.85 points, with record highs of 111.40 points in January 2000 and 50.00 points in June of 2022.