Preliminary December numbers for the survey that attempts to gauge the attitudes of American consumers reached the highest level in nearly
eight years.

The most recent Thomson Reuters/University of Michigan survey posted a 93.8 preliminary reading on overall consumer sentiment – the highest reading since January 2007 and five points higher than November's final reading.

Reasons cited for the gain include perceived improved prospects for jobs and wage increases and the very real effect of lower fuel prices.

Consumer expectations increased from 79,9 in November to 86.1, current economic conditions went from 102.7 to 105.7, one-year inflation expectation ticked up from 2.8 percent to 2.9 percent, and the survey's five-year inflation expectation rose from 2.6 percent to 2.9 percent.

Summing up the improved consumer attitude, survey director Richard Curtin stated, "Expected wage gains rose to their highest level since 2008, and consumers voiced the most favorable buying attitudes in several decades,"