ANN ARBOR Consumer sentiment improved in the December 2020 survey despite the ongoing surge in covid infections and deaths, according to the University of Michigan Surveys of Consumers.
The improvement was due to Democrats becoming much more positive and Republicans much more negative about long-term prospects for the national economy, said U-M economist Richard Curtin, director of the surveys.
Twice as many Democrats as three months ago expected a continuous expansion over the next five years (54% up from 27%), while that same favorable expectation was nearly cut in half among Republicans (32% down from 60%). Importantly, the near-term outlook for the national economy remained unfavorable due to an expected rise in stay-at-home orders and business shutdowns due to the surging covid virus.
CHICAGO, Dec. 23 (Xinhua) The University of Michigan (UM) Surveys of Consumers on Wednesday reported the Consumer Sentiment Index at 80.7 in December, up from 76.9 in November but below last December s 99.3. Meanwhile, the Expectations Index was 74.6 in December, up from 70.5 in November but below last year s 88.9. The Current Conditions Index rose to 90.0 in December, between November s 87.0 and last year s 115.5. UM economist Richard Curtin, director of the surveys, attributed the improvement to Democrats becoming much more positive and Republicans much more negative about long-term prospects for the national economy. Some 54 percent of Democrats, as against 27 percent three months ago, expected a continuous expansion over the next five years, while among Republicans, the rate dropped to 32 percent from 60 percent.
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