preliminary results of the University of Michigan’s December consumer confidence survey are out.
The report’s headline index surged to 82.5 from November’s 75.1 reading. Economists predicted a smaller advance to 76.0.
The economic conditions sub-index advanced to 97.9 from 88.0, while the economic outlook sub-index advanced to 72.7 from 66.8.
Inflation expectations one year ahead rose to 3.0% from 2.9%, while expectations for inflation five years ahead fell to 2.8% from 2.9%.