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Consumer sentiment surges

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Key index suggests strong consumption ahead.

Consumer sentiment surged in December, according a closely-watched barometer of confidence.

According to multiple outlets, the closely-watched Thomson Reuters/University of Michigan consumer sentiment index rose to 93.8 in December, well above analysts’ expectations.

The data, combined with strong retail sales in November, suggests that consumers are spending more freely and will continue to do so in the months ahead.

The rise in consumer sentiment is considered to be closely related to the combined factors of lower gasoline prices and an improving job market.  Interestingly, consumers were increasingly optimistic about earning higher wages, which runs counter to recent jobs and wages reports.

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