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U.S. CONSUMER SENTIMENT AT 5-MONTH HIGH, SAYS SURVEY November 16, 2011 (0 comments)
New York—U.S. consumer sentiment has risen to its highest level since June, according to this report in the Financial Times. The Thomson Reuters/University of Michigan sentiment index climbed to 64.2 in early November, from 60.9 in October, beating forecasts of a rise to 61.5, the paper reports. Both opinion about current conditions and the gauge of expectations for the next six months registered gains and are at their highest level in seven months.
Like all recent economic news, it’s still tinged with caution. Confidence figures still remain below the long-term average of 86, with lingering concern over unemployment and the possibility of a renewed downturn. Still, recovering optimism would be a boon to the economy, which is driven by consumer spending. That grew 2.4% in the third quarter and the economy is on track for a 2.5% growth rate.