Michigan consumer sentiment beats expectations in December

The University of Michigan’s final sentiment index for December rose to 92.6 from a preliminary reading of 91.8 and 91.3 the previous month.

This marked the highest level since July and came in a touch ahead of economists’ expectations for a reading of 92.

Richard, Curtin, director of the survey, said: “The latest gain was largely due to lower inflation, which bolstered real incomes and brightened buying plans for household durables.

“Given the continued weakness in the global economy and the strong dollar, consumers can be expected to become even more demanding of price discounts in the year ahead.”