US consumer confidence drops to 2-year low in January

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The US consumer confidence index fell to 91.2 points in January against 98.3 points in December. The indicator showed the lowest value since October 2016. According to preliminary data, the index should have dropped to 90.7 points. Consumer attitudes to the current financial situation deteriorated - the sub-index fell to 108.8 points from 116.1 points in December. Consumer expectations fell to 79.9 points against 87 points in December. In 2019, inflation is expected at the level of 2.9%, as in December. Over the next 5-10 years, prices are expected to grow by 2.6% annually. The reason for the deterioration in consumer expectations was the suspension of the US government. Shutdown influenced consumer sentiment more than expected. Suspension of government activity lasted more than a month. Officials returned to work only on January 25th. A confidence level of 100 points was noted in 1966. The average value for the recession is 64.2 points, recorded in December 2007. The historical maximum of 111.4 was recorded in 2000, and a minimum of 51.7 points - in 1980.

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