American consumer sentiment improved this month, but two-thirds believe that the economy will get much worse by next year due to signs of a pending recession, according to a recent study.
The University of Michigan’s closely watched Consumer Sentiment Index measured 64.9 for this month, up from the preliminary 64.6 reading, according to data released on Jan. 27.
This is the second month in a row that U.S. consumers have an improved view of the economy, which was 59.7 percent in December, which is the index’s highest level since hitting 65.2 in April 2022.
“Consumer sentiment confirmed the preliminary January reading, remaining low from a historical perspective, but continuing to lift for the second consecutive month,” said Joanne Hsu, director of Surveys of Consumers….