Revised data released by the University of Michigan on Friday showed consumer sentiment in the U.S. unexpectedly deteriorated by more than previously estimated in the month of January.
The University of Michigan said its consumer sentiment index for January was downwardly revised to 71.1 from the preliminary reading of 73.2
The consumer sentiment index is down from the final December reading of 74.0, marking the first decrease in six months.
The bigger than previously estimated decrease by the headline index partly reflected a notable deterioration by consumer expectations.
The index of consumer expectations slumped to 69.3 in January from 73.3 in December, tumbling to its lowest level since last July.
The current economic conditions index showed a more modest decrease, edging down to 74.0 in January after surging to 75.1 in December.
The report also said year-ahead inflation expectations soared to 3.3 percent in January from 2.8 percent in December, reaching the highest level since May 2024.
Long-run inflation expectations also jumped to 3.2 percent in January from 3.0 percent in December.