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Consumer Sentiment rose to 93.3

Friday, Jan 15 2016
Consumer confidence rose in January to the highest level in seven months as low inflation helped support households, whose outlook for wage gains remained subdued. The University of Michigan’s preliminary sentiment index climbed to 93.3, the highest since June, from 92.6 in December. The median projection in a Bloomberg survey called for 92.9. The gauge averaged 92.9 last year, the best annual performance since 2004. Last month’s advance was paced by those making more than $75,000 a year.
 Americans’ projected inflation rate over the next year dropped to the lowest level since 2010, helping to give consumers added buying power. Workers are still waiting for more convincing signs of stronger wage growth, which has remained elusive even as the jobless rate lingers at a more than seven-year low. “Consumer optimism is now dependent on the continuation of an extraordinary low inflation rate,” Richard Curtin, director of the University of Michigan consumer survey, said in a statement.
 
Euro is currently being traded few points above 1.0950 level, Sterling is around 1.4350 handle, while Aussie is around 0.6880 area.
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