Industry News

Consumer confidence dips in January

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Consumer confidence recorded a small decline in January, partially reversing the very strong gain in the December 2004 survey, according to a survey conducted by the University of Michigan.   "The insignificant overall decline resulted from less favorable expectations about future economic conditions being offset by more favorable assessments of current economic conditions," said Richard Curtin, the Director of the University of Michigan's Surveys of Consumers.   The cumulative economic gains from the strong pace of economic growth in 2004 were reflected in the most favorable assessments of current economic conditions recorded in more than four years. "Despite the recent economic strength, consumers are now more likely to expect the rate of economic growth to moderate to a more sustainable pace in 2005," noted Curtin.   The survey data indicate that overall real consumer spending should expand at a 3 1/3 percent annual rate of growth during 2005.   The Index of ...