While rising food and energy costs are forcing consumer sentiment metrics lower, with the University of Michigan consumer confidence index hitting a 16-month low in March and probably heading lower, according to Capital Economics, consumers have managed to weather the storm and keep spending going.

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The latest reading of the University of Michigan Consumer Sentiment Index shows consumer confidence is at its highest level since 2007.

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The June Consumer Price Index (CPI) and the preliminary July University of Michigan consumer confidence survey will be published on Friday.

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