Echoing Bloomberg’s sentiment indicator, University of Michigan’s survey shows Americans’ confidence collapsed heading into January with ‘expectations’ plunging to Oct 2016 lows.
The University of Michigan’s preliminary January sentiment index fell to 90.7 from the prior month, missing all estimates in a Bloomberg survey of economists. The measures of current conditionsand expectations both declined to the lowest since President Donald Trump’s election in 2016.
Current conditions tumbled but the ‘expectations’ plunge is the biggest drop in ‘hope’ since Dec 2012.
Buying Conditions plunged also…
“The decline was primarily focused on prospects for the domestic economy,” Richard Curtin, director of the University of Michigan consumer survey, said in a statement.
“The loss was due to a host of issues including the partial government shutdown, the impact of tariffs, instabilities in financial markets, the global slowdown, and the lack of clarity about monetary policies.”