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UPDATE:Consumer confidence in the U.S. surged to its highest levels in more than four years, topping earlier estimates as measured by the University of Michigan.
The university’s poll showed sentiment increased to 79.3 from a preliminary reading of 77.8.
The last time consumer confidence hit 80 was in October 2007, on the precipice of the Great Recession.
“Unfortunately, consumer confidence is still extremely vulnerable to a reversal, as occurred in the past two years,” survey director Richard Curtin said in a statement.
“While their most optimistic expectation for job growth could go unfulfilled without much harm, if the recent slowdown in job growth persists in the months ahead, it could form the basis for a third retreat in confidence.”
Markets are looking for the final data point of the week for some guidance this morning, as futures show a slight decline.
The University of Michigan will release a final reading of May consumer sentiment at 9:55 a.m.
Consensus is for the reading to hold at 77.8, which would represent the strongest reading since January 2008.