U.S. consumer sentiment slipped in its first January measure, weighed by lowered expectations among lower- and middle-income families, a survey released on Friday showed.
The Thomson Reuters/University of Michigan's preliminary reading on the overall index on consumer sentiment came in at 80.4, down from 82.5 in December.
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It was below the median forecast of 83.5 among economists polled by Reuters.
"Upper-income households benefited from continued strong gains in income as well as increases in stock and home values," survey director Richard Curtin said in a statement.
"Low- and middle-income households were mainly concerned about lackluster growth in employment and income, and anticipated less improvement in long-term prospects for the economy."
The survey's barometer of current economic conditions fell to 95.2 from 98.6 and below a forecast of 98.5.
The survey's gauge of consumer expectations slipped to 70.9 from 72.1 and below a forecast of 74.2.
The survey's one-year inflation expectation was unchanged from last month at 3.0 percent, while the survey's five-to-10-year inflation outlook rose to 2.9 percent from 2.7 percent.