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U.S. Consumer Sentiment Shows Slight Deterioration In January

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A report released by the University of Michigan on Friday showed a slight deterioration in U.S. consumer sentiment in the month of January.

Preliminary data showed the consumer sentiment index edged down to 99.1 in January from the final December reading of 99.3. Economists had expected the index to come in unchanged.

The slight decrease by the headline index came as the index of consumer expectations dipped to 88.3 in January from 88.9 in December.

On the other hand, the report said the current economic conditions index crept up to 115.8 in January from 115.5 in December.

Surveys of Consumers chief economist Richard Curtin noted the impeachment of President Donald Trump was mentioned but just 1 percent of consumers.

"While those that mentioned impeachment were also somewhat less optimistic than other consumers, the small numbers had a negligible impact on the overall level in consumer sentiment," Curtin said.

With regard to inflation, one-year inflation expectations rose to 2.5 percent in January from 2.3 percent in December, while five-year inflation expectations climbed to 2.5 percent from 2.2 percent.

The University of Michigan noted the data was initially unavailable on its website due to an accidental cut of fiber networking on the campus that caused complete internet outage.

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