U.S. consumer confidence jumps in January, University of Michigan says

The University of Michigan's consumer confidence index rose from a reading of 69.7 in December to 79.0 for January, according to final figures for the month.

That was nevertheless little changed from a preliminary estimate of 78.9.

Joanne Hsu, the survey director, noted how a sub-index linked to the short-run business outlook had soared 27%.

They were now also assured that inflation would continue to soften, Hsu said.

A sub-index of inflation expectations looking a year ahead declined from 3.1% for December and 4.5% in November to 2.9% in January (Preliminary: 2.8%).

That meant it was now back within the 2.3-3.0% range that prevailed in the two years prior to the pandemic.

Price expectations for the long-run meanwhile were steady 2.9%.