As of December 2024, the University of Michigan's Consumer Sentiment Index for the U.S. stood at 74 points, up from 71.8 in November. This figure remains below the historical average of 84.69 points recorded between January 1978 and December 2024.
Throughout 2024, consumer confidence experienced fluctuations. Notably, in October, the index declined to 68.9 from 70.1 in September, an unexpected downturn attributed to consumer concerns over high prices and economic uncertainties leading up to the presidential election.
In August, there was a modest improvement, with the index rising to 103.3 from 101.9 in July. This increase was unexpected, as economists had anticipated a slight decline. The uptick was linked to more positive perceptions of business conditions, despite ongoing concerns about the labor market.
These variations in consumer confidence reflect the complex interplay of factors influencing public sentiment, including economic conditions, inflation, and political events.
