Final measures of consumer expectations as measured by the University of Michigan improved from the preliminary mid-month reading (not shown), suggesting any concern from consumers might have been short-lived.

The mid-month reading from the Conference Board also indicated a drop, mostly the result of changes in income expectations.

The components measuring the current situation in both surveys have improved since the summer of 2011 but remain below prerecession levels.

Consumer Confidence Indices Measuring Expectations, relative to level in June 2007

Additional detail:

  • The expectations component of University of Michigan survey increased 2.8 points in January, following a 13.9 point drop in December and a 1.3 point drop in November.
  • The expectations component of the Conference Board survey declined 8.6 points in the mid-January reading, following a 12.8 point drop in December and a 3.1 point drop in November.
  • The future components of both the Conference Board and Reuters/University of Michigan survey utilize fairly similar underlying questions.