U.S. consumer confidence rose for a fifth straight month in December, hitting its highest level since April's reading of 77.2, with long-term inflation expectations falling to 3% from 3.2% in November.
Data from the University of Michigan on Friday showed that the consumer confidence index increased by 3.1% on a monthly basis to 74 points in the revised reading for December, compared to 71.8 points in November, which was in line with the initial reading.
While the survey showed the current economic situation index rose 17.5% to 75.1 points in December, the future expectations index fell 4.7% on a monthly basis to 73.3 points.
But consumer expectations for inflation over the next 12 months rose this month to 2.8% from 2.6% last month, the first monthly increase since May but within the two-year range before the pandemic of 2.3% to 3.0%.
