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Tags: consumer sentiment falls

US Consumer Sentiment Plummets to 10-Year Low

shopper
A woman shops carefully for chicken at a New York grocery store. Among the goods and services that the 7.5% U.S. inflation is impacting the most is food, especially the prices of meat. (Dreamstime)

Friday, 11 February 2022 10:39 AM EST

U.S. consumer sentiment fell to its lowest level in just over a decade in early February amid expectations that inflation will continue to rise in the near term, a survey showed on Friday.

The University of Michigan said its preliminary consumer sentiment index dropped to 61.7 in the first half of this month, the lowest since 2011, from a final reading of 67.2 in January.

Economists polled by Reuters had forecast the index edging up to 67.5. The survey's gauge of current economic conditions fell to a reading of 68.5 from 72.0 in January. Its measure of consumer expectations declined to 57.4 from 64.1 in January.

The survey's one-year inflation expectations rose to 5.0%, the highest since 2008, from 4.9%, while its five-to-10-year inflation outlook held steady at 3.1%.

The government reported on Thursday that consumer prices recorded their largest annual increase in 40 years in January.

© 2022 Thomson/Reuters. All rights reserved.


StreetTalk
U.S. consumer sentiment fell to its lowest level in just over a decade in early February amid expectations that inflation will continue to rise in the near term, a survey showed on Friday.
consumer sentiment falls
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2022-39-11
Friday, 11 February 2022 10:39 AM
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