Survey: consumer sentiment on the rise(Read article summary)
Consumer sentiment rose in October to its highest level since 2007, according to the Reuters/University of Michigan Survey of Consumers.
Today's early release of the¬†Reuters/University of Michigan Survey of Consumers¬†for October indicated an increase in consumer sentiment from the prior month with a reading of 83.1, the highest level seen since September 2007, and improvement on an annual basis with the level increasing a notable 36.68% while one year inflation expectations declined to 3.1%.¬†
The Index of Consumer Expectations (a component of the Conference Board's Index of Leading Economic Indicators) rose to 79.5, and the Current Economic Conditions Index rose to 88.6.¬†
It's important to recognize that consumer sentiment has seriously eroded over the past few months with the current results remaining near levels not seen since 1980, a major indication that consumers are in the process of tightening even further on spending.¬†