The final reading for the January Reuters/Michigan index of consumer sentiment came in at 79.0 compared to a preliminary reading of 79.2 and the December final reading of 80.7. 

Economists had forecast the index to remain unrevised at 79.2.

According to the report, the index of consumer expectations slipped 0.8 percent m-o-m to 74.0 from December’s final reading of 74.6, while the index of the current economic conditions fell 3.7 percent m-o-m to 86.7 from December’s final reading of 90.0.

“Consumer sentiment remained largely unchanged in the last half of January from earlier in the month,” noted Richard Curtin, the Surveys of Consumers chief economist. “The overall stability of consumer confidence has benefitted from wearing masks and social distancing, the quick substitution of home for office work, and the prompt distribution of generous federal benefits. These factors helped to absorb the pandemic's negative impact on the economy as well as on personal finances.”