Despite concerns of an impending economic slowdown, a survey released on Friday indicates that consumers are increasingly optimistic about the economy and inflation in early 2024. The University of Michigan’s Survey of Consumers reported a January reading of 78.8, the highest since July 2021 and a 21.4% increase from a year ago.
This surge, the largest in sentiment on a two-month basis since 1991, reflects confidence in a positive turn for inflation and improved income expectations. Both Democrats and Republicans expressed their most favorable readings since the summer of 2021, contributing to sentiment rising nearly 60% above the all-time low measured in June 2022. The improved outlook is expected to provide positive momentum for the economy, with respondents also showing increased confidence in a decrease in inflation.
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