The Conference Board Consumer Confidence Index printed at 101.3, vs. a survey expectation of 96.4. Confidence surveys, to be sure, are squishy numbers — more important is what people buy, as opposed to what they say they might buy. Nonetheless, the 100 number is an important landmark for the Conference Board survey: that’s a pre-crisis level. As we’ve argued before, the non-tradable, service-oriented sectors of the US economy are doing relatively better while manufacturing and mining get crushed by low oil and the strong dollar.

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