Consumer Sentiment at Highest Level in Seven Years

Ann Arbor, MI, Oct. 17, 2014 -- Consumer sentiment in October was at the highest level since 2007, according to the Thomson Reuters/University of Michigan index.

The preliminary October reading came in at 86.4, the highest since July 2007. Economists expected the index to fall to 84.1 from September's 84.6 reading.

"The data show absolutely no signs that fear and panic is about to overtake the consumer sector," survey director Richard Curtin said in a press release.

The survey's measure of consumer expectations increased to 78.4, from 75.4.