The University of Michigan's preliminary January consumer sentiment index reading was 71.3, compared to the final December 72.9, reading, the preliminary December 74.5, and the final November 82.7, according to market sources.

The expectations index was 62.7, compared to 63.8 in December, 64.6 earlier in December, and 77.6 in November.

The current conditions index was 84.8, compared to 87.0 in December, 89.9 earlier in December, and 90.7 in November.

Economists polled by Thomson Reuters had predicted a 75.0 reading for the main index, 88.0 for current conditions and 65.2 for expectations.

The five-year inflation expectation index was 2.9%, compared to 2.9% in December and 2.8% in November, while the one-year inflation expectation index was 3.4%, compared to 3.2% in December and 3.1% in November.

The University of Michigan index is not released to the press, but only to paying subscribers.

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