Consumer confidence in surprise rebound

While still low, the index of consumer sentiment unexpectedly rises to 61.9 in January from 60.1 in December.

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)

Was the Senate right to release to Obama the second half of $700 billion bailout?
  • Yes
  • No

NEW YORK (Reuters) -- U.S. consumer confidence rose slightly in January but remained at comparatively depressed levels, with continued expectations of a deep and long recession, a survey showed Friday.

The Reuters/University of Michigan Surveys of Consumers said its preliminary index reading of confidence for January rose to 61.9 from December's 60.1.

The index was above economists' expectations of 59.0, according to the median of forecasts in a Reuters poll. The early January reading was the highest since 70.3 in September.

However, "consumer confidence continued to hover near its half-century low, showing no signs of significant change during the past six months," the report said.

"Consumers cited even more negative income prospects as well as anticipated further declines in the value of their homes and pension accounts," according to the report.

One-year inflation expectations rose in January to 2% from 1.7% in December. Despite the slight rise, the January one-year inflation expectation remained "well below any other reading in the past quarter century except for immediately following (Sept. 11, 2001)," the report said.

The index of current conditions eased slightly to 69.2 in January from 69.5 in December, while the index of consumer expectations rose to 57.2 from 54.0. To top of page

Features
They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
7 startups that want to improve your mental health From a text therapy platform to apps that push you reminders to breathe, these self-care startups offer help on a daily basis or in times of need. More
5 radical technologies that will change how you get to work From Uber's flying cars to the Hyperloop, these are some of the neatest transportation concepts in the works today. More
Royal wedding: How much will it cost? Meghan Markle's wedding to Prince Harry could cost millions once security is included in the bill. See how the costs break down. More
Sponsors