Consumer Confidence Surges; Spending Flat
Consumer sentiment rose to its highest level in more than a year and a half, but consumer spending remained flat, according to two recent economic reports.
Consumer spending remained unchanged in October at a $7.77 trillion annual rate following a 0.3% decline in September, the Commerce Department reported.
The University of Michigan final consumer sentiment for November reflected and increase to 93.7 from a preliminary release of 93.5 and an October reading of 89.6.
Analysts said the news was very positive and signaled that retailers could be in for a strong holiday season, Bloomberg News reported.
The increase in consumer confidence was attributed to three straight months of job growth and over positive economic reports, Bloomberg News reported.
Personal income rose 0.4%, the most in four months during October, Commerce said. In September, personal income rose 0.3%.
