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15 Jan, 2021 15:49

US consumer confidence only dips in January, University of Michigan says

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Consumer confidence in the States only dipped at the turn of the year despite the ongoing novel coronavirus pandemic and poor political headlines, the results of a closely-followed survey revealed.

The University of Michigan's consumer confidence index slipped from December's final reading of 80.7 to 79.2 in early January, only narrowly missing economists' median forecast for a print of 79.5.

But there were cross-currents underneath the surfaces as optimism following the arrival of Covid-19 vaccines and in anticipation of the new administration's economic policies offset the both the headwinds for public health and politics in general.

"Importantly, covid's threats to physical and mental health were seen in January as more important than its financial repercussions," said Richard Curtin, the survey's director.

"The partisan shift in expectations was due to anticipated changes in economic policies; the shift was as large as the opposite shift that accompanied Trump's election."

Curtin linked that "partisan gap" between Democratic and Republican voters to the differing views of each group as regards economic efficiency versus "greater equity and fairness" in the distribution of income and wealth.

"Nonetheless, the most critical task for Biden is to not only accomplish his promised vaccination of 100 million in his first 100 days, but to accelerate on that pace for the balance of the population."


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Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.