U.S. consumer sentiment moved higher than expected, the University of Michigan’s survey of consumers showed Friday.
After advancing in August and September, economists had expected the preliminary reading of the University of Michigan’s consumer sentiment index to hold nearly steady, ticking up to 80.5 from last month’s 80.4. Instead, it climbed to 81.2.
Despite the decline from the very high levels in this index that held for Trump’s first three years, it is still above the average reading of 79 for the Obama administration.
The increase was led by a rise in the expectations component to 78.8 from 75.6 in September. That was much better than expected. The current conditions gauge dipped to 84.9 from 87.8, which may reflect the rise in layoffs in the first week of the month and the stalling of stimulus talks between House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin. As well, infections have