U.S. Consumer Sentiment Improves Slightly Less Than Estimated In December

(RTTNews) - Consumer sentiment in the U.S. improved by slightly less than previously estimated in the month of December, according to a report released by Thomson Reuters and the University of Michigan on Tuesday.

The report said the consumer sentiment index for December was downwardly revised to 93.6 from the mid-month reading of 93.8. Economists had expected the index to be downwardly revised to 93.0.

Despite the downward revision, the index is still above the final November reading of 88.8 and at its highest level since January of 2007.

"Consumers held the most favorable long-term prospects for the national economy in the past decade," survey director Richard Curtin said, according to Reuters.

He added, "Importantly, the 2014 gains in jobs and wages were widespread across all population subgroups and regions."

The modest downward revision to the headline index came as the barometer of current economic conditions in December was downwardly revised to 104.8 from 105.7. The revised reading compares to 102.7 in November.

Meanwhile, the survey's gauge of consumer expectations in December was upwardly revised to 86.4 from 86.1 and is well above the final November reading of 79.9.

The report also said one-year inflation expectations were unchanged from the previous month at 2.8 percent, while the five-year inflation outlook rose to 2.8 percent from 2.6 percent.