US: UoM Consumer Sentiment Index rises to 70.4 in December vs. 67.1 expected

The UoM Consumer Sentiment Index rose to 70.4 from 67.1 in December.
The better than expected consumer numbers failed to move FX markets.

Joel Frank Independent Analyst

Consumer confidence in the US strengthened modestly in December with the University of Michigan's (UoM) preliminary estimate of the Consumer Sentiment Index rising to 70.4, up from 67.4 in November. This print came in above market expectations of 67.1.

Meanwhile, the preliminary estimate of the December Consumer Expectations index also rose to 67.8. Markets had expected the expectations focused index to drop to 62.0 from 63.5 in December. Finally, the Current Conditions Index rose to 74.6, up from 73.6 a month ago and above expectations for a drop to 71.0.

Market Reaction

The better than expected US consumer sentiment figures for December are reassuring but did not have any notable impact on FX markets. While better than expected, sentiment remains highly subdued by historical standards.

Author

Joel Frank

Independent Analyst

Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

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