Photo: Shoppers carry bags in San Francisco on September 29, 2022. Shoppers carry bags in San Francisco on September 29, 2022.

U.S. consumer sentiment soared in early July to an almost two-year high, bolstered by easing inflation and a strong labor market. The University of Michigan preliminary index rose by 8.2 points to 72.6, the highest since September 2021. The reading topped all forecasts in a Bloomberg survey of economists, and the monthly advance was the largest since 2006.

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