CONSUMER CONFIDENCE SURGES, BUT FALLS SHORT OF ESTIMATES

The final results of the University of Michigan's monthly consumer confidence survey are out.

The headline index surged to 82.5, matching preliminary estimates published earlier this month.

However, since the preliminary results were released, the Wall Street consensus estimate was revised even higher to 83.0, so the final results failed to meet those heightened expectations.

The economic conditions sub-index rose to 98.6 from November's 88.0 reading, while the economic outlook sub-index advanced to 72.1 from 66.8.

Inflation expectations one year ahead rose to 3.0% from 2.9%, while inflation expectations five years ahead fell to 2.7% from 2.9%.