Consumer confidence closes October at five-year high

Despite looming tax hikes and budget cuts, Americans felt better about the economy this month than at any time in the last five years with more households reporting their income had risen, according to a leading barometer of consumer confidence released Friday.

The consumer sentiment index from Thomson Reuters and the University of Michigan rose to 82.6 for October, up 5.5 points from last month.

A preliminary October reading two weeks ago was slightly higher, at 83.1. But the final figure for the month still was a sharp improvement from September and was the highest month-end reading since September 2007.

“The very positive economic expectations of consumers stand in sharp contrast to growing concerns expressed by investors and companies about the impending fiscal cliff as well as the impact of a slowing global economy," said Richard Curtin, the survey's chief economist.

Read Full Article from Los Angeles Times

- Posted: 2012-10-26 14:40:49

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