Consumer Confidence Rises to Five-Year High

Consumer confidence rose to a five-year high in October, according to the Thomson Reuters/University of Michigan consumer sentiment index released Friday.

The month’s final index rose to a reading of 82.6, the highest since September 2007, from 78.3 in September.

It was down slightly from a preliminary reading for the month of 83.1 two weeks ago. 

Economists had forecast the index would rise to 83, Bloomberg reported.

The survey’s index of current conditions asks Americans if they are better off than they were a year ago and if it is a good time to buy big-ticket items.