"Consumer confidence appears to have leveled off, as job growth isn't quite as good and gasoline prices have moved back up"
- Stuart Hoffman, chief economist at PNC Financial Services Group Inc.
U.S. consumer confidence declined in January as consumers became less optimistic on the outlook of the country's economy, the Conference Board Inc. said on Tuesday. An index of sentiment decreased to 61.1 from a revised 64.28 reading.
"Consumer confidence appears to have leveled off, as job growth isn't quite as good and gasoline prices have moved back up," said Stuart Hoffman, chief economist at PNC Financial Services Group Inc. in Pittsburgh.
"We are braced for a more bumpy picture over the next few months. A lot of expectations probably ran away or got a little too lofty coming into the end of the year," said Sean Incremona, economist at 4Cast Ltd in New York.
"We are still in a very modest recovery, and we do see consumption slowing this quarter, and data like this supports that picture."
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