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U.S. consumer sentiment exceeded analyst estimates in January as the outlook for jobs and household income improved, University of Michigan survey data showed Friday.

Highlights of Michigan Sentiment (January, final)

Sentiment index inched down to 95.7 (est. 95) from 95.9 in December; preliminary reading was 94.4 Current conditions gauge, which measures Americans’ perceptions of their finances, dipped to 110.5 from 113.8 in the prior month; preliminary reading was 109.2 Expectations measure advanced to 86.3 from 84.3; preliminary reading was 84.8 Year-ahead inflation expectations were unchanged at 2.7%

Key Takeaways

The main index remains above-average historically, and other measures of confidence are near the highest in more than a decade. Elevated stock prices, along with steady gains in jobs and wages, are likely to support consumer confidence going forward. Consumers put the probability of stock increases during 2018 at 67%, the highest on record dating back to 2002.

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