From the excellent Ellen Zentner at Mitsubishi Financial, some perspective on this morning’s good number:The preliminary reading from the University of Michigan’s consumer
sentiment index (Index, Jan 1966=100) showed that consumer attitudes
jumped in early December on nice stock market gains and the hint of tax
clarification by year-end. In December, consumer sentiment rose +2.6
points to a reading of 74.2, its highest reading since May 2010. Compared
to November the current conditions index rose +3.6 points to 85.7, while
the index for consumer expectations increased +2.0 points to 66.8. In
December, overall sentiment sat only +1.7 points higher than its year-ago
level when the U.S. economy was in the earlier stages of recovery.
Expectations in December were -2.1 points lower than one year ago, while
current conditions were +7.7 points higher than one year ago.
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