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Preliminary data released by the University of Michigan on Friday showed a modest deterioration in U.S. consumer sentiment in the month of January.
The report said the consumer sentiment index dipped to 79.2 in January after jumping to 80.7 in December. Economists had expected the index to edge down to 80.0.
"Consumer sentiment posted trivial declines in early January despite the horrendous rise in covid-19 deaths, the insurrection, and the impeachment of Trump," said Surveys of Consumers chief economist Richard Curtin.
He added, "Two offsetting shifts helped narrow the January loss in sentiment: the covid-19 vaccines and a partisan shift in expectations due to the anticipated impact of Biden's economic policies."
The report said the current economic conditions index fell to 87.7 in January from 90.0 in December, while the index of consumer expectations slipped to 73.8 from 74.6.
On the inflation front, one-year inflation expectations jumped to 3.0 percent in January from 2.5 percent in December and five-year inflation expectations rose to 2.7 percent from 2.5 percent.
