U.S. Consumer Sentiment rose to 99.9

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Friday, Feb 16 2018

U.S. Consumer Sentiment rose to 99.9

U.S. consumer sentiment unexpectedly rose in February to the second-highest level since 2004 as tax cuts and a strong job market helped Americans shrug off stock-market volatility, a University of Michigan survey showed Friday. Sentiment index rose to 99.9 (est. 95.5), highest since October’s 13-year high, from 95.7 in January. Current conditions gauge, which measures Americans’ perceptions of their finances, climbed to 115.1 from 110.5. Expectations measure advanced to 90.2 from 86.3. Year-ahead inflation expectations unchanged at 2.7%.

The rise in sentiment, which surpassed the forecasts of all analysts surveyed by Bloomberg, comes as Americans’ paychecks are getting bigger due to the implementation of tax cuts under legislation signed by President Donald Trump in December. The increase is also consistent with data on solid hiring and rising wages released by the Labor Department earlier this month. Some 35 percent of respondents gave favorable references to government policies, matching January as the highest level in more than a half century, according to the report. Most of the positive news involved changes to tax policies and employment gains, while just 6 percent cited negative references to stock prices.

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