TD Securities, University of Michigan
The preliminary results of the University of Michigan's December consumer confidence survey are out.
The report's headline index surged to 82.5 from November's 75.1 reading. Economists predicted a smaller advance to 76.0.
The economic conditions sub-index advanced to 97.9 from 88.0, while the economic outlook sub-index advanced to 72.7 from 66.8.
Inflation expectations one year ahead rose to 3.0% from 2.9%, while expectations for inflation five years ahead fell to 2.8% from 2.9%.
"The rebound in spending intentions is also particularly worth noting, with home purchase expectations jumping to 164 from 150, edging closer to recent highs and suggesting that consumer confidence in the housing recovery remains high despite the recent increase in mortgage rates," says Gennadiy Goldberg, a strategist at TD Securities. "Auto purchase intentions also rebounded to 134 from 120, suggesting that the recently strong pace of auto sales data could be sustained. Durable goods purchase expectations hit a fresh cycle high this month, climb sharply to 155 from 136."
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