US consumer sentiment revised up, hits 13-month high in February

ISTANBUL

US consumer sentiment was revised up for February at its final reading, hitting the highest level in 13 months, according to a survey released on Friday.

The index of consumer sentiment increased 2.1 points to 67.0 in February from 64.9 in January, according to the University of Michigan's consumer survey final results.

The preliminary results released two weeks ago showed the index at 66.4 for early February.

"After lifting for the third consecutive month, sentiment is now 17 index points above the all-time low from June 2022 but remains almost 20 points below its historical average," Surveys of Consumers Director Joanne Hsu said in a statement.

"Consumers with larger stock holdings exhibited particularly large increases in sentiment. Overall, February’s reading was supported by a 12% improvement in the short-run economic outlook, while all other index components were essentially unchanged," she added.

The index of current economic conditions increased 2.3 points to 70.7 in February from 68.4 in January, according to the final readings.

The index of consumer expectations rose 2 points to 64.7 from 62.7 during that period.

"Year-ahead inflation expectations rebounded to 4.1% this month, from 3.9% in January," said Hsu. "Consumers continued to exhibit considerable uncertainty over short-run inflation, and thus their expectations may be unstable in the months to come."