Consumers were feeling a bit less optimistic than expected in January, according to a recent survey.
The Index of Consumer sentiment hit 92 in January,the University of Michigan said Friday. Analysts expected a reading of 93 for January, up from 92.6 the previous month, according to Thomson Reuters consensus estimates.
"Consumer confidence has remained largely unchanged, as the January reading was just 0.6 percent below last month's level," said Richard Curtin, the chief economist behind the survey. "The small downward revisions were due to stock market declines that were reflected in the erosion of household wealth, as well as weakened prospects for the national economy."