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The University of Michigan’s preliminary February consumer confidence survey reading is out.The reading suggests the index jumped to 76.3 in January, ahead of estimates for a slighter rise to 74.8 from last month’s 73.8 reading.

The economic conditions sub-component increased to 88.0 from 85.0 last month.

The economic outlook sub-component increased to 68.7 from 66.6 last month.

Solid gains in both sub-components mark a change from last month, when sentiment toward current economic conditions fell and that toward future conditions rose.

Inflation expectations 1-year ahead were unchanged at 3.3 per cent, while expectations for inflation 5 years out ticked up to 3.0 per cent from 2.9 per cent.

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