US consumer sentiment jumps to 13-month high in early February

By Ovunc Kutlu

ISTANBUL (AA) – US consumer sentiment earlier this month jumped to its highest level in 13 months, according to a survey released on Friday.

The index of consumer sentiment increased 1.5 points to 66.4 in early February from 64.9 in January, according to the University of Michigan's consumer survey preliminary results.

The market expectation for the index was to come in at 65.0.

"After three consecutive months of increases, sentiment is now 6% above a year ago but still 14% below two years ago, prior to the current inflationary episode," Surveys of Consumers Director Joanne Hsu said in a statement. "Overall, high prices continue to weigh on consumers despite the recent moderation in inflation, and sentiment remains more than 22% below its historical average since 1978."

The index of current economic conditions increased 4.2 points to 72.6 in February from 68.4 in January.

The index of consumer expectations, on the other hand, fell 0.4 point to 62.3 from 62.7 during that period.

"Year-ahead inflation expectations rebounded to 4.2% this month, from 3.9% in January," said Hsu.