US year-ahead inflation projections decline to lowest level since March 2021
Date
12/10/2023 1:40:04 AM
(MENAFN) In December, year-ahead inflation expectations in the United States witnessed a notable decline, dropping to 3.1 percent from November's 4.5 percent, marking the lowest reading since March 2021.
This information is based on a survey conducted by the University of Michigan and reported on Friday. Concurrently, long-run inflation expectations for this month decreased to 2.8 percent, down from 3.2 percent in the previous month, aligning with the second-lowest reading since July 2021, as indicated by the survey findings.
The survey also highlighted a substantial improvement in US consumer sentiment for December, with a noteworthy 13 percent increase. This positive shift effectively erased all the declines observed over the preceding four months.
According to the preliminary results of the survey, the index of consumer sentiment surged by 8.1 percentage points, reaching 69.4 in December, compared to 61.3 in November. Notably, this figure exceeded market expectations, which had estimated the index to come in at 62.0.
"Sentiment is now about 39 percent above the all-time low measured in June of 2022 but still well below pre-pandemic levels," Surveys of Consumers Director Joanne Hsu stated in a declaration. "All five index components rose this month, led by surges of over 24 percent for both the short and long-run outlook for business conditions."
MENAFN10122023000045015839ID1107565211
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.