By Ovunc Kutlu
ISTANBUL (AA) - US consumer sentiment rose in February to reach its highest level in 31 months, according to the University of Michigan's consumer survey preliminary results released Friday.
The index of consumer sentiment increased 0.6 percentage point to 79.6 in February from 79.0 in January.
The market expectation for the index was to come in at 80.0.
"Consumers continued to express confidence that the slowdown in inflation and strength in labor markets would continue," Surveys of Consumers Director Joanne Hsu said in a statement.
She said American consumers continue to feel more assured about the US economy, confirming the considerable improvements in December and January across various aspects of the economy.
"Five-year expectations for business conditions rose 5% to its highest reading since December 2020," she added.
Year-ahead inflation expectations, however, rose to 3.0% in February from 2.9% in January.
Long-run inflation expectations remained at 2.9% for the third consecutive month.