Consumer Sentiment Highest in Over Seven Years

Ann Arbor, MI, Oct. 31, 2014 -- U.S. consumer sentiment rose in October to its highest level in more than seven years, according to the Thomson Reuters/University of Michigan index.

The final October reading on the overall index on consumer sentiment finished at 86.9, the highest level since July 2007, up from 84.6 at the end of September.

"The gains in confidence over the past three months point toward improved holiday spending by consumers," survey director Richard Curtin said in a press release.

"Overall, five years after the start of the recovery, consumers have finally begun to adopt the expectations and behaviors that have driven past expansions."

The survey's measure of consumer expectations rose to 79.6 from the preliminary 78.4 reading.