UPDATE:Consumer confidence surged to its second highest level since October 2007, new data from the University of Michigan shows.
Sentiment improved to 79.2 in September’s preliminary reading, substantially above the 74.3 print in August.
The gain was driven by consumer expectations that economic conditions would improve, a part of the report that sharply constrained the August announcement.
Consumer confidence in the U.S. is expected to edge slightly lower in September, remaining roughly in line with levels seen throughout the summer.
Economists surveyed by Bloomberg forecast the headline University of Michigan sentiment report to decline 30 basis points to 74.0.
The report is scheduled for release at 9:55 a.m.
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