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The University of Michigan’s consumer sentiment for the US rose to 70.6 in December of 2021, from 67.4 last month and above preliminary estimates of 70.4 points.
The gauge for expectations was revised higher to 68.3 from 67.8 and the current conditions subindex was revised lower to 74.2 from 74.6. Inflation expectations for the year ahead moderated to 4.8% from 4.9% in the previous month and slightly below preliminary figures of 4.9%.
The 5-year outlook also eased to 2.9%, compared with 3.0% in both advance figures and November’s reading.
The uptick was primarily supported by higher income expectations in the bottom third of the population distribution, who see their incomes rise at the fastest pace since 1999.
The results were also influenced by the low number of interviews conducted to capture the impact of the rapid spread of the omicron variant.
