New York, NY, Nov. 18--Consumer confidence in the economy surged this month from its depressed levels in October, according to a report by the University of Michigan. The university's index of consumer sentiment rose to 85.0 in early November from 80.6 in October, according to people who had seen the report.
The mid November current conditions index also rose to 93.8 from 92.4 in October.
The consumer expectations index increased to 79.2 from October's 73.1 reading.
Measurements of consumer confidence, like the one by the University of Michigan and a broader one by the Conference Board, are widely watched, but economists caution that the attitudes reported may not be good indicators of actual spending.
