(A shopper leaves the Gap with a bag in New York City. (Photo: REUTERS)
The University of Michigan consumer sentiment index, a closely-watched monthly survey, fell to 92 in January from a preliminary reading of 93.3 earlier in the month.
“Consumer confidence has remained largely unchanged, as the January reading was just 0.6% below last month’s level,” Surveys of Consumers chief economist, Richard Curtin said. “The small downward revisions were due to stock market declines that were reflected in the erosion of household wealth, as well as weakened prospects for the national economy.”
The median forecast called for a higher reading of 93.
| Jan | Dec | Jan | M-M | Y-Y | |
| 2016 | 2015 | 2015 | Change | Change | |
| Index of Consumer Sentiment | 92.0 | 92.6 | 98.1 | -0.6% | -6.2% |
| Current Economic Conditions | 106.4 | 108.1 | 109.3 | -1.6% | -2.7% |
| Index of Consumer Expectations | 82.7 | 82.7 | 91.0 | +0.0% | -9.1% |
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