Rick Santelli joins 'Squawk on the Street' with the latest economic data to cross the tape.

The University of Michigan's final consumer sentiment index for December was revised downward to 52.9, falling from the mid-month reading of 53.3. This marks the lowest level since November and is close to the record low of 50 recorded in June 2022. Current conditions dropped to 50.4, setting a new all-time low in data going back to the 1970s, while expectations also declined to 54.6.

Inflation expectations for the next year rose slightly to 4.2%, while the five-to-ten-year outlook remained steady at 3.2%. Despite the weaker-than-expected sentiment and largely unchanged inflation data, the Dow Jones Industrial Average reached new session highs. The report also noted that the University of Michigan sentiment index no longer closely correlates with equity market movements.

Consumer sentiment revised lower to 52.9 in December

All right, first, though, let's get some breaking economic data that's just crossing. Rick Santelli has it for us. Rick? Yes, David, indeed. These are the December final reads on University of Michigan sentiment and the inflation metrics embedded in this report. So the mid-month read gets tossed. Fifty three point three was the mid-month read on the headline. It now moves lower to fifty two point nine. That'll be the weakest since it was fifty one in November. And I'd like to point out that if you look at the absolute low, it is 50 from June of twenty two. We're not far away from the low going back to my database in the 70s. Now if we look at current conditions, same dynamic, fifty point seven mid-month becomes fifty point four and fifty point four is a new all time low replacing the fifty point seven. Also, my database goes back into the 1970s. Look at expectations. Same dynamic. Mid-month fifty five now becomes fifty four point six and fifty four point six be the weakest since November when it was fifty one. And finally, on the inflation front, well, four point two, it replaces four point one. It's one tenth hotter on the one year inflation. On the five to ten year inflation rate, it remains the same at three point two percent. And I must point out that the equity markets are making new highs on the Dow Jones Industrial Average for the session on this data. And it's weaker than expected and pretty much a punt on the inflation data. So no surprises. But I will also point out, University of Michigan has not kept up with what it normally does and that is correlate with the equity moves.

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