Consumer Sentiment rose 0.3 points in January to 98.5, according to the University of Michigan Consumer Sentiment Index.
The Current Economic Conditions Index fell 0.6 points to 111.3, while the Consumer Expectations Index rose 0.8 points to 90.3.
“Consumers expressed a higher level of confidence January than any other time in the last dozen years. The post-election surge in confidence was driven by a more optimistic outlook for the economy and job growth during the year ahead as well as more favorable economic prospects over the next five years,” said Richard Curtin, chief economist of UM Surveys of Consumers. “Overall, the post-election surge in consumer confidence was based on political promises, and not, as yet, on economic outcomes.”