The Consumer Sentiment Index in the United States observed a monthly increase of 13.1% in January to land at 78.8 points, the University of Michigan revealed in its preliminary report published on Friday. Year over year, the figure surged 21.4%.
The Current Economic Conditions Index came in at 83.3 in January, seeing a monthly rise of 13.6% and an annual jump of 21.6%. The Index of Consumer Expectations stood at 75.9, growing 12.6% compared to the previous month's number and 21.2% compared to January 2022.
"Consumer sentiment soared 13% in January to reach its highest level since July 2021, showing that the sharp increase in December was no fluke. Consumer views were supported by confidence that inflation has turned a corner and strengthening income expectations. Over the last two months, sentiment has climbed a cumulative 29%, the largest two-month increase since 1991 as a recession ended," Surveys of Consumers Director Joanne Hsu commented.
