Consumer Confidence Is Hot

University of Michigan ObamaREUTERS/Larry DowningU.S. President Barack Obama prepares to walk out and address students at the University of Michigan in Ann Arbor, Michigan.

The University of Michigan’s preliminary reading on September consumer confidence came in at 84.6.

Expectations were for the reading to come in at 83.5, up from 82.5 in August’s final reading. That number soundly beat expectations.

Twelve-month economic outlook expectations came in at 99 against a final reading of 88 for August.

Both the consumer confidence index and economic expectations are at their highest levels since July 2013.

The current conditions index came in at 98.5, down from 99.8 in August and below expectations for 100.

The consumer expectations index came in at 75.6, better than expected and better than the 71.3 reading in August.

The UMich consumer sentiment survey comes after the latest report on retail sales showed sales jumped 0.6% in August, while July’s figure was also revised upwards.

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