New York -- Confidence among consumers hit a five-year high in November, boding well for retailers as they head into the holiday season.
The index of consumer sentiment from Thomson Reuters/University of Michigan rose to 84.9 in November from 82.6, topping economists' expectations for a reading of 83.
It was the highest level since July 2007. The measure of consumer expectations also hit a more than five-year high, rising to 80.8 from 79.0. The consumer sentiment survey is now consistent with a gain in consumer spending of 2.5% next year, the report said.