×

Consumer sentiment mostly unchanged in December

A customer pays for her purchases at a Target store in Chicago.
Jim Young | Reuters
A customer pays for her purchases at a Target store in Chicago.

U.S. consumer sentiment inched up in December, but missed expectations, according to a report released on Friday.

The Thomson Reuters/University of Michigan's preliminary December reading on the index was 91.8. That was higher than the previous month's reading of 91.3, but lower than expectations for 92 by Thomson Reuters.

The index has average 92.9 this year, the highest since 2004, the report said. The data indicates that real consumer expenditures will grow by 2.8 percent in 2016 compared to 2015.

"While the preliminary December reading was largely unchanged from last month, consumers evaluated current economic conditions more favorably and expected future prospects less favorably," said Surveys of Consumers Chief Economist Richard Curtin in a statement.

"Importantly, the survey recorded persistent strength in personal finances and buying plans, while the largest loss was in how consumers judged prospects for the national economy during the year ahead."