US consumer sentiment rises in December, recovering from decade-low

ANKARA

US consumer sentiment increased in December, recovering from its lowest level in a decade, according to data released by the University of Michigan on Friday.

The index of consumer sentiment rose by 3 points to 70.4 in December, from 67.4 November, according to preliminary results from a survey compiled from around 500 consumers.

The figure in November was the lowest level in consumer sentiment since November 2011.

The index of current economic conditions also rose by 1 point to 74.6 in December, up from 73.6 the previous month.

The index of consumer expectations also increased by 4.3 points to 67.8 in December, rising from 63.5 the month before.

"The pandemic recession had an impact on personal finances like no other crisis in more than a half century," Richard Curtin, the chief economist with Surveys of Consumers, said in a statement.

"While consumers' evaluations of their current and prospective financial situation have both declined, for the first time there has been a substantial gap between the two assessments," he said. "The decline in how consumers have judged their current financial situation was half as large as the decline in how they judged their future financial prospects."