US consumers just had their best year since 2004.
The final consumer confidence reading of 2015 from the University of Michigan rose to 92.6, beating expectations.
Wednesday’s reading marked the highest level for the index since July and brought the 2015 average to 92.9, the highest since 2004.
Expectations were for the reading to come in at 92.0, up slightly from December’s preliminary reading of 91.8.
In a note following the report, Richard Curtin, chief economist for the survey, said:
“Importantly, all of the improvement was in how consumers evaluated current economic conditions. The December gain was largely due to lower inflation, which bolstered real incomes and brightened buying plans for household durables. Indeed, there have been only three surveys in more than the past half century in which a higher proportion mentioned the availability of price discounts for durables. Overall, the data point toward gains of 2.8% in real personal consumption expenditures during 2016.”
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