Preliminary reading of UoM's consumer sentiment index shows unexpected increase in December

A preliminary reading of the University of Michigan's consumer confidence showed an unexpected jump to 59.1 in December, up from 56.8 in November and beating market forecasts for a reading of 56.9.

The current conditions index rose to 60.2 from 58.8 a month ago and the expectations gauge also improved, up from 55.6 in November to 58.4 - the highest level seen since April.

Elsewhere, inflation expectations for the year ahead eased to 4.6%, the lowest reading since September 2021, while the five-year outlook held steady at 3%.

Reporting by Iain Gilbert at Sharecast.com