Mubasher: Initial estimates released by the University of Michigan suggested that the US consumer confidence waned in early January to its lowest level, since President Donald Trump was elected.

The consumer sentiment index dropped to 90.7 points in early January, compared with 98.3 in December 2018, a survey report by Michigan University said on Friday.

This marked the lowest level seen since October 2016.

“The loss was due to a host of issues including the partial government shutdown, the impact of tariffs, instabilities in financial markets, the global slowdown, and the lack of clarity about monetary policies,” survey senior economist Richard Curtin said.

The sombre reading came as consumers’ assessment of the current conditions and expectations fell.

The index for current economic conditions slipped 5.3% to 110 points month-on-month in January, edging down 0.5% from the reading for the same month last year.

Moreover, the expectation index plunged 10% to 78.3 points in early January from the preceding month, while it dropped 9.3% year-on-year.

By 3:03 pm GMT, the US dollar index went up 0.16% to 96.2230.