The preliminary consumer sentiment survey from Reuters & the University of Michigan managed to edge up slightly in December, despite widespread forecasts of continued decline. The minor gain puts the sentiment index slightly higher than October levels, but still remains more than 10 points below September levels.
The headline index moved up to 59.1 from a previous 55.3 reading. Only one of the two components saw improvement, however.
The economic conditions index improved to 69.4 from the prior month's 57.5 reading, while the economic outlook index slid to 52.4 from October's 53.9 reading.
Even with the monthly rebound, the index continues to hover above the 28-year low of 56.4 recorded in June.
Another positive in the report came from the inflation components. One-year inflation expectations fell substantially to 1.7%, from 2.9%, while the five-year index fell two-tenths to 2.9%.
The minor improvement confirms the weekly survey of consumer comfort from ABC News, which moved up two points in Tuesday's report, though it remains deeply pessimistic at -52.
By Patrick McGee and edited by Nancy Girgis
©CEP News Ltd. 2008