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Last Update: 28-Oct-11 11:35 ET
Consumer Sentiment Moves Higher in October
The final reading of the October University of Michigan Consumer Sentiment Index came in at 60.9, above the 59.4 registered in September and the 57.5 seen in the preliminary reading. The Briefing.com consensus expected the index to be revised to 58.0.
The move contrasted with the decline in the Confidence Board's Consumer Confidence level. That index fell from 46.4 in September to 39.8 in October, the lowest reading since March 2009.
The gain in sentiment was most likely the result of the combination of strong equity gains in October and modestly lower gasoline prices.
The expectations index was revised up from 47.0 in the preliminary October reading to 51.8. That is the strongest showing in expectations since July.
The current conditions index was revised up from 73.8 to 75.1.
The move contrasted with the decline in the Confidence Board's Consumer Confidence level. That index fell from 46.4 in September to 39.8 in October, the lowest reading since March 2009.
The gain in sentiment was most likely the result of the combination of strong equity gains in October and modestly lower gasoline prices.
The expectations index was revised up from 47.0 in the preliminary October reading to 51.8. That is the strongest showing in expectations since July.
The current conditions index was revised up from 73.8 to 75.1.
