CONSUMER CONFIDENCE CRUSHES EXPECTATIONS, STRONGEST SINCE JULY 2007

mitch mcgary michigan

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The University of Michigan's consumer confidence survey is out.

The headline index rose to 83.7 from 76.4 last month.

That's the highest reading since July 2007.

Economists were looking for a smaller rise to 77.9.

The economic conditions sub-component advanced to 97.5 from 89.9 last month, while the economic outlook sub-component rose to 74.8 from 67.8.

Inflation expectations one year ahead were unchanged from last month at 3.1%, while inflation expectations five years ahead edged down to 2.8% from 2.9% last month.

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