By Ovunc Kutlu
ISTANBUL (AA) - US consumer sentiment in January rose to its highest level in nine months, according to a survey released Friday.
The index of consumer sentiment increased 4.9 points to 64.6 in January, from 59.7 in December, according to the University of Michigan's consumer survey preliminary results.
"Consumer sentiment remained low from a historical perspective but continued lifting for the second consecutive month, rising 8% above December and reaching about 4% below a year ago," Surveys of Consumers Director Joanne Hsu said in a statement.
The index of current economic conditions increased 9.2 points to 68.6 in January, from 59.4 in December.
The index of consumer expectations rose 2.1 points to 62.0, from 59.9, during that period.
"Year-ahead inflation expectations receded for the fourth straight month, falling to 4.0% in January from 4.4% in December. The current reading is the lowest since April 2021 but remains well above the 2.3-3.0% range seen in the two years prior to the pandemic," said Hsu.