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Consumer Sentiment Index Report

CSI

Economic Report Data CSI

 

Today’s Consumer Sentiment Index Report

 

Preliminary Results for February 2023
                                                                                 FEB       JAN        M-M          Y-Y

-Index of Consumer Sentiment         66.4       64.9      +2.3%      +5.7%

-Current Economic Conditions         72.6        68.4      +6.1%      +6.5%

-Index of Consumer Expectations    62.3        62.7      -0.6%      +4.9%

CSI

 

Consumer sentiment was essentially unchanged at 1.5 index points above January. Recent developments in the economy, both positive and negative, have led to mixed attitudes among consumers with little net change in February. After three consecutive months of increases, sentiment is now 6% above a year ago. However, that’s still 14% below two years ago, Prior to the current inflationary episode. Overall, high prices continue to weigh on consumers despite the recent moderation in inflation. Sentiment remains more than 22% below its historical average since 1978. Combined with concerns over rising unemployment on the horizon, consumers are poised to exercise greater caution with their spending in the months ahead.

Year-ahead inflation expectations rebounded to 4.2% this month, from 3.9% in January and 4.4% in December. Long-run inflation expectations remained at 2.9% for the third straight month. Staying within the narrow 2.9-3.1% range for 18 of the last 19 months. Uncertainty over short-run inflation expectations ticked up recently and continues to be notably elevated, indicating the potential for continued volatility in expected year-ahead inflation. In contrast, uncertainty over long-run inflation receded in recent months, though the uncertainty stands well above averages over the last 20 years.

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