Consumer confidence rose to highest level in five years

Detroit -- According to Thomson Reuters/University of Michigan on Monday, the Michigan Consumer Sentiment Index rose to 82.6 in October, the highest level since September 2007.



Economists polled by Bloomberg projected 83 for the measure after a preliminary October reading of 83.1.



The Michigan index of consumer expectations six months from now, which more closely projects the direction of consumer spending, rose to 79 from 73.5 in September. The gauge of current conditions climbed to 88.1 from 85.7 a month ago.