Michigan Consumer Sentiment Index Drops for January

he University of Michigan index of consumer sentiment dropped to 95.5 for January from 97.1 in December, Bloomberg reported.

The drop was more than previously estimated, Bloomberg said, citing analyst projections it would drop to 96.

Consumer sentiment is commonly thought to drive spending, which often pushes demand for trucking services.

The index averaged 95.2 for 2004, Bloomberg said. The index is based on a telephone survey of 500 households.

The university’s expectations index, which measures consumer optimism for the next one to five years, also decreased, to 85.7 from 90.9 the previous month, Bloomberg reported.

The current conditions index, which reflects Americans’ perception of their financial situation and ability to buy big-ticket items, rose to 110.9 from 106.7 in December, Bloomberg said.

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