Consumer Strength Remains Robust

January 29, 2024

January consumer sentiment hit the highest level since July 2021, topping estimates as main street concerns for inflation waned. The University of Michigan index indicates that 12-month inflation expectations are the lowest in three years.

Fourth-quarter GDP echoes consumer strength as the economy registered annualized economic growth of 3.3%.  For the year, the economy expanded at a rate of 2.5%.   Fourth quarter personal spending rose at a 2.8% rate.