Consumer sentiment hits one-year high in final February reading

Feb. 24, 2023 10:02 AM ETBy: Max Gottlich, SA News Editor

February University of Michigan Consumer Sentiment: 67.0 vs. 66.4 consensus and 66.4 prior estimate and 64.9 in January.
"Sentiment is now 17 index points above the all-time low from June 2022 but remains almost 20 points below its historical average," said Surveys of Consumers Director Joanne Hsu.
The second reading for February "was supported by a 12% improvement in the short-run economic outlook, while all other index components were essentially unchanged," she added.
Expectations: 64.7 vs. 62.3 prior and 64.9 in January.
Current Conditions: 70.7 vs. 72.6 prior and 68.4 in January.
Year-ahead inflation expectations: 4.1% vs. 4.2% prior and 3.9% in January.
Five-year implied inflation remained at 2.90% for the third consecutive month and stayed within a range of 2.9%-3.1% for 18 of the last 19 months.
Earlier, consumer spending jumped more than expected in January, PCE inflation speeds up.