US consumer confidence edges up in December, inflation expectations mixed

20th Dec 2024 14:44

(Sharecast News) - Consumer confidence in the US rose modestly, although inflation expectations were mixed, the results of a closely followed survey revealed.

A final reading on the University of Michigan's consumer confidence index for the month of December came in at 74.0, which was up from 71.8 one month before.

That was in line with a preliminary reading and the consensus forecast.

The sub-index tracking current economic conditions accounted for all of the increase in the index, rising from 63.9 to 75.1.

However, survey director Joanne Hsu explained that it driven by a 32% surge in buying conditions, mostly because consumers were anticipating inflation for large purchases.

Another sub-index linked to consumer expectations meanwhile dipped from 76.9 to 73.3.

Inflation expectations one year ahead rose from 2.6% to 2.8%, but those for the long-run eased from 3.2% to 3.0%.