Consumer Sentiment Hits Five Month High

Ann Arbor, MI, Nov. 23, 2010 -- U.S. consumer sentiment reached a five-month high on growing signs of improved job conditions, according to the Thomson Reuters/University of Michigan index.

The final November reading on the overall index on consumer sentiment was 71.6, up from 67.7 in October and also above November's preliminary reading of 69.3.

The median forecast among economists was for a reading of 69.5. November's reading was the highest since June's level of 76.0.

"The economic news heard by consumers grew significantly more favorable in November. Net references to job gains improved by 17 percentage points in November, rising to its highest level since June," said survey director Richard Curtin said in a press release.

The survey's measure of current economic conditions was 82.1 in November, up from 76.6 in October and above the preliminary reading of 79.7. Expectations were for a reading of 79.9.

The survey's gauge of consumer expectations also rose and ended November at 64.8, compared with 61.9 in October and 62.7 in early November. Expectations were for a reading of 63.0.

These were also the highest readings since June.