U.S. consumer sentiment improved to a 13-month high in February, but households expected higher inflation to persist over the next 12 months, a survey showed on Friday.
"If recession is coming consumers sure don't know it," said Christopher Rupkey, chief economist at FWDBONDS in New York. "We expect the retail sales report covering the month of January will pop back into positive territory and we already know consumers bought a lot of cars and light trucks for the first month of the year."
Data next week is expected to show retail sales rebounding 1.5% in January after tumbling 1.1% in December, according to a Reuters survey of economists.The University of Michigan survey's reading of one-year inflation expectations increased to 4.2% this month from 3.9% in January. Its five-year inflation outlook was unchanged at 2.9% for the third straight month and stayed within the narrow 2.9-3.1% range for 18 of the last 19 months.
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