ECONOMIC NUMBERS ROUNDUP: February Consumer Confidence Beats Estimates, Rises to 77.6
The University of Michigan/Reuters consumer confidence index for February is out and the numbers look good. The headline index of 77.6 beat a preliminary estimate from two weeks ago that had pinned the figure at 76.3.
There's some bright spots here, as ISM Manufacturing is up from 53.1 to 54.2 despite estimates that predicted a decline to 52.5. ISM Prices Paid is also up far more than expected, from 56.5 to 61.5.
Elsewhere, construction spending in January was down 2.1% versus the positive 0.4% estimate. Markit US PMI Final is down from 55.2 to 54.2 despite an estimate that maintained a zero point change.
The markets have responded well to the bump in consumer confidence, with both the DOW and NASDAQ indices up early since the 9:55am announcements.
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