US: UoM Consumer Sentiment eased to 95.9 in December (final)

Eren Sengezer FXStreet

"Consumer confidence continued to slowly sink in December, with most of the decline among lower income households," the University of Michigan wrote in its latest Consumer Sentiment report.

Key takeaways

The extent of the decline was minor, with the December figure just below the average for 2017 (95.9 versus 96.8).

Indeed, the average in 2017 was the highest since 2000, and only during the long expansions of the 1960's and 1990's was confidence significantly higher.

Tax reform was spontaneously mentioned by 29% of all respondents, with nearly an equal split between positive and negative impacts on economic prospects.

Most consumers will know more about the revised tax code when the new paycheck withholding amounts take effect in early 2018.

The data indicate that real personal consumption expenditures will expand by 2.6% in 2018.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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