December 20, 2024
Today, Friday, the University of Michigan in the United States issued revised data for the Consumer Confidence Index for the current month of December, which was somewhat mixed during this period.
According to the data released today, the revised reading of the Consumer Confidence Index recorded about 74.0 points during the month of December, which was lower than market expectations, which indicated that the index would record about 74.1 points. The previous reading for last November recorded 74.0 points.
This composite index is measured based on a consumer survey, where the University of Michigan surveys 500 households monthly regarding their financial situation and their outlook on the economy in the short and long term. It is worth noting that consumer confidence is directly linked to increased consumer spending rates.
On the other hand, the final reading of inflation expectations from the University of Michigan showed that inflation expectations rose this month to 2.8%, which was higher than the previous reading of inflation expectations, which recorded about 2.6% last November.
This indicator measures the percentage of consumers who expect the prices of goods and services to change over the next 12 months. Inflation expectations indicate the actual inflation situation, where these expectations may come true, and the main reason behind this is that workers want to increase their wages, so they believe that prices will rise.