U.S. consumer confidence index falls in December

U.S. consumer confidence index dropped in December. The preliminary estimate of the University of Michigan consumer sentiment index dropped to 96.8 in December from November’s 98.5. Consensus expectations were for the index to have risen slightly to 99.

Lower-than-expected reading on the expectations index, which dropped 4.3 points to 84.6, drove the decline in the headline figure. Meanwhile, current conditions index rebounded to 115.9. The one-year and long-term inflation expectations indices rose to 2.8 percent and 2.5 percent, respectively. In all, in spite of the moderation, the index continues to be above its average in this recovery cycle and continues to hint at solid consumer confidence that is expected to be supportive of GDP growth in the months ahead, noted Barclays in a research report.

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