U.S. consumer sentiment came in at higher than expected for October, according to a report released on Friday.
The Thomson Reuters/University of Michigan’s preliminary October reading on the index was at 92.1. That was much higher than the previous month’s reading which was 87.2 and Reuters’ estimates which were 89.
Experts say that this renewed confidence with consumers reflects renewed optimism. This consumer optimism gives a hopeful outlook as we move into the holiday shopping season which many were fearing could be not as strong.
In a recent report, personal financial expectations rose to their highest level since 2007, as did consumers’ views toward purchases of durable goods. This is hopeful for stores banking on on a strong end to 2015. As consumers anticipate a continued economic expansion they are clearly showing more confidence in making purchased.