Michigan consumer confidence rises to 59.1 points in December, more than expected — economy notes

Consumer confidence in the United States rebounded to 59.1 points in December. Photo Flickr.com (https://flic.kr/p/2nLKx9k)

US consumer confidence rebounded to 59.1 points in December after falling the previous month, Michigan University said in a preliminary reading for the indicator.

The result represents an increase of 2.3 units or 4% compared to November. It also exceeded the forecast of analysts surveyed by the financial portal Investing.com, who expected a reading of 56.9 points at the end of the year.

“Consumer confidence rose 4% from November, recovering most of November’s losses, but remaining low from a historical perspective,” Michigan University said in a statement. “All index components rose, with one-year trading conditions rising 14% and long-term trading conditions rising, more modestly, 6%.”

The index that measures the current conditions of the economy rose 2.4% in December to settle at 60.2 units, while the index of future consumer expectations increased 5% to 58.4 points.

Publication date: 12/09/2022

Hang tags: Consumer Confidence Michigan University Expectations Inflation

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