2011-01-15

Long News: University of Michigan consumer confidence index unexpectedly declined

Reasons for the decline caused by the index, including consumers more negative assessment of the current situation and the sharp rise in oil prices.

Earlier on Friday when the Labor Department reported that U.S. gasoline prices in December rose 8.5% in January consumer inflation expectations rose to the highest level in two years.

Economists had said the rising stock market, the job market and signs of a slight turn for the better tariff plan passed in Congress should increase consumer confidence.

Survey, consumers expect the future economic situation since the September 2009 record high since.

Yelena Shulyatyeva economist at BNP Paribas said, "the U.S. economy will undoubtedly continue to recover, but still faces huge obstacles, which will be reflected in consumer confidence. Unsustainable rise in consumer confidence."