US consumer confidence edges lower in January, University of Michigan says

Declines in the stockmarket and a weakening economy weighed on consumer spirits at the end of January Stateside, according to one of the most widely-followed confidence surveys.

The University of Michigan´s headline consumer confidence index slipped from 92.6 to 92.0 (consensus: 93.0), according to revised data.

Consumers´ evaluation of current economic conditions fared worst, slipping from a reading of 108.1 to 106.4, while a sub-index tracking their expectations was steady at 82.7.

Survey compilers at the University of Michigan were dismissive of 'recession-talk' but argued that the Fed prodding inflationary pressures higher would back-fire, as consumers held back on purchases as their salaries fell ince adjusted for price increases.

"To be sure, the overall level of confidence is below last January's peak, but thus far, the decline amounts to just 6.2%, indicating slower growth, not a recession in 2016," they said in a statement.

There was no evidence that the East Coast blizzard influenced the data, the University of Michigan said.