US consumer confidence slips in January from 15-year high

WASHINGTON — U.S. consumer confidence slipped this month after surging to a 15-year high in December.

The Conference Board, a business research group, says its consumer confidence index dropped to 111.8 in January from a December reading of 113.3, which had been the highest since August 2001.

The index measures consumers’ assessment of current conditions, which improved in January, and their expectations for the future, which fell.

Americans were somewhat less optimistic about the outlook over the next six months for business conditions, jobs and prospects their own incomes will rise.

Economists closely monitor consumers’ mood because their spending accounts for about 70 per cent of U.S. economic activity.

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Americans overall have been in a sunny mood since the Nov. 8 election of Donald Trump ended a divisive presidential campaign.

Paul Wiseman, The Associated Press