CHICAGO – U.S. consumer sentiment rose more strongly than expected in early November as high gasoline prices started to fall, a report showed on Thursday.
The University of Michigan's index of consumer sentiment jumped to 79.9 in early November from 74.2 in October, according to sources who saw the subscription-only report.
A Reuters poll projected a median reading of 76.0.
The survey's index of current conditions spiked to 100.3 from 91.2 in October while the expectations component advanced to 66.8 from 63.2 last month.
Confidence measures are used as an indicator of consumer spending, which makes up about two-thirds of overall U.S. economic activity and is used as a gauge of economic growth.