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The University of Michigan’s January consumer confidence index reading is out.The headline number unexpectedly rose to 73.8 in January from 72.9 in December.

Economists were looking for a 71.5 reading, slightly above the preliminary 71.3 estimate published January 18.

Gains were driven by the economic outlook sub-component of the index, which rose to 66.6 from 63.8 last month.

However, the economic conditions sub-component fell to 85.0 in January from 87.0 in December.

Inflation expectations one year ahead inched up to 3.3 per cent from 3.2 per cent last month. Inflation expectations three years ahead were unchanged at 2.9 per cent.

An alternate index of consumer sentiment published by the Conference Board on Tuesday said consumer confidence collapsed to 58.6 in January from 66.7 the month before.

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