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Last Update: 27-Jan-12 10:53 ET
Consumer Sentiment Revised Higher
The University of Michigan Consumer Sentiment Index for January was revised from 74.0 in the preliminary reading to 75.0 in the final reading. The upward revision was better than the Briefing.com consensus estimate, which was pegged at 74.2.
Similarly, there were also upward revisions to the preliminary readings for the Current Conditions Index (from 82.7 to 84.2) and the Expectations Index (from 68.4 to 69.1).
It stands to reason that a moderation in gas prices, improved labor market trends, and rising equity prices were factors contributing to the notable uptick in consumer sentiment in January versus the final reading of 69.9 for December.
Income growth is still the most important driver of consumer spending, although rising levels of consumer sentiment are a positive on the margin for consumer spending activity.
Similarly, there were also upward revisions to the preliminary readings for the Current Conditions Index (from 82.7 to 84.2) and the Expectations Index (from 68.4 to 69.1).
It stands to reason that a moderation in gas prices, improved labor market trends, and rising equity prices were factors contributing to the notable uptick in consumer sentiment in January versus the final reading of 69.9 for December.
Income growth is still the most important driver of consumer spending, although rising levels of consumer sentiment are a positive on the margin for consumer spending activity.
