Closing post
Time to wrap up after a busy week, in which UK wage growth slowed, inflation remained steady, and the economy fell into recession.
Here’s today main stories so far:
US consumer confidence has inched a little higher this month.
The University of Michigan’s consumer morale index of consumer sentiment has risen to 79.6, up from 79.0, lifted by a rise in consumer expectations.
Surveys of Consumers director Joanne Hsu explains:
Consumer sentiment was essentially unchanged from January, rising 0.6 index points this month and solidifying the large gains from the past two months.
The fact that sentiment lost no ground this month suggests that consumers continue to feel more assured about the economy, confirming the considerable improvements in December and January across various aspects of the economy. Consumers continued to express confidence that the slowdown in inflation and strength in labor markets would continue.
Five-year expectations for business conditions rose 5% to its highest reading since December 2020. Sentiment is currently about 30% above November 2023 and about 6% below its historical average since monthly data collection began in 1978.
