The Conference Board announced on Tuesday its U.S. consumer confidence rose 2.2 points to 89.3 in January 2021 from 87.1 in December 2020.

Economists had expected consumer confidence to come in at 89.0.

December’s consumer confidence reading was revised down from originally estimated 88.6.

The survey showed that the expectations index rose from 87.0 last month to 92.5 this month. Meanwhile, the present situation index fell from 87.2 in December to 84.4.

“Consumers’ appraisal of present-day conditions weakened further in January, with COVID-19 still the major suppressor,” noted Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “Consumers’ expectations for the economy and jobs, however, advanced further, suggesting that consumers foresee conditions improving in the not-too-distant future. In addition, the percent of consumers who said they intend to purchase a home in the next six months improved, suggesting that the pace of home sales should remain robust in early 2021.”