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Fri Oct 26, 2012, 09:32 AM

Consumer Sentiment at Highest in Five Years in October [View all]

Source: Reuters

Consumer sentiment at highest in five years in October

Fri Oct 26, 2012 10:08am EDT

NEW YORK (Reuters) - Consumer sentiment rose to its highest level in five years in October as Americans were more upbeat about prospects for the economy and their own finances, a survey released on Friday showed.

The Thomson Reuters/University of Michigan's final reading on the overall index on consumer sentiment rose to 82.6 from 78.3 in September. It was at its highest level since September 2007 on a final reading basis.

Still, that was slightly below the preliminary reading of 83.1 and shy of economists' expectations for 83.

There are also clouds on the horizon. After the presidential election in November, policymakers will have to deal with a package of scheduled spending cuts and tax increases, and political wrangling could prompt a decline in consumer confidence as sharp as the recent increase, according to the survey.

Read more: http://www.reuters.com/article/idUSBRE89P0OR20121026

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