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US consumer confidence at highest level in 5 years
Posted: Oct 26, 2012 10:13 AM by Associated Press
WASHINGTON (AP) - A survey shows consumer confidence rose this month to the highest level in five years, an encouraging sign for the still-weak economy
The University of Michigan's final index of October consumer sentiment rose to 82.6 from 78.3 in September. That's the highest since September 2007 - three months before the Great Recession began.
Falling gas prices and a slightly better job market lifted consumers' outlook. The unemployment rate fell to 7.8 percent last month, the first time since July 2009 than it has been below 8 percent.
The survey followed a government report that said consumer spending helped boost economic growth in the July-September quarter to a 2 percent annual rate. That's up from a 1.3 percent rate in the April-June quarter.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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