Consumers Feel More Upbeat on Economy, Index Hits 5-Year High

This may have had something to do with President Obama’s re-election: U.S. consumers are more upbeat about the economy than they have been since 2007.
At least that’s the reading from the widely-watched Thomson Reuters/University of Michigan index of overall consumer sentiment, which came in at 84.9 for November in its preliminary update for the month. That’s up from 82.6 the month before.
Most economists expected a reading below 84.9.
“More consumers expected good rather than bad times financially in the economy in early November, not only for the year ahead but over the next five years as well,” survey director Richard Curtin said in a statement. “This was the most positive outlook for the overall economy in more than five years.”
Other components of the index were also positive. Current economic conditions jumped to 91.3 from 88.1. Consumer expectations increased to 80.8 from 79.0.

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