New York, NY, November 11, 2005--Consumer sentiment rebounded in November, according to research at the University of Michigan.
The university’s consumer sentiment index rose to 79.9 from 74.2 in October, reports said. The October sentiment level was the lowest in 13 years.
The increase in sentiment in November was well above the consensus forecast of Wall Street economists who had expected sentiment to inch higher to 76.2.
Despite the rebound, sentiment did not return to levels seen before Hurricanes Rita and Katrina struck the Gulf Coast and sent gasoline prices higher.
According to the report, current conditions improved sharply, while expectations only inched higher.
Economists said the consumers are happier now that gasoline prices have retreated from their post-hurricane highs.
The current conditions index rose to 103.0 in November from 91.2 in October.
The expectations index rose to 66.9 from a 12 year-low of 63.2 in October.
