Consumer confidence is roaring.

The preliminary reading on consumer confidence from the University of Michigan came in at 89.4, well above expectations and the highest reading since July 2007. 

Expectations were for the report to show consumer confidence coming in at 87.5, up from October's 86.9 final reading. 

The latest read on consumer confidence comes on the heels of the October retail sales report, which showed sales rose 0.3% from September, beating expectations for a 0.2% rise. 

This report showed the current conditions sub-index rose to 103 from 98.3 in October, though the 12-month economic outlook moderated some, pulling in to 103 from a 105 reading in October. 

Future inflation expectations also declined in the report, with the 1-year outlook falling to 2.6% from 2.9% and the 5-year outlook falling to 2.6% from 2.8%. 

More to come ...

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