CNBC reported that the consumer sentiment index, a survey of consumers by the University of Michigan, rose to 101.1 in October, far ahead of the 95 economists polled by Reuters anticipated.
“Consumer sentiment surged in early October, reaching its highest level since the start of 2004,” Richard Curtin, chief economist for the Surveys of Consumers, said in a statement.
In September, the key economic indicator slipped to 95.3, after hitting peak levels in August.
Curtin noted that current trends indicated consumer spending continuing to expand through the middle of next year. He says, if that pace continues, it would mark the second longest expansion period since the mid-1800s.
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