US January consumer confidence 113.8 vs 111.8 expected

• Prior was 115.8
• Present situation 148.2 vs 144.1 prior
• Expectations 90.8 versus 96.9 prior (revised to 96.9)
• The proportion of consumers planning to purchase homes, automobiles, and major appliances over the next six months all increased
• 11.3% of consumers said jobs are “hard to get,” down from 11.7%.
• 21.1% of consumers said business conditions were “good,” up from 19.4%.
• 23.8% of consumers expect business conditions will improve, down from 25.4%.

This is a surprise. Omicron is certainly weighing and you would expect to see that in a weak present situation index and better expectations. Instead, it’s the opposite.

The survey noted that concerns about inflation fell for the second month.