Christopher S. Rugaber
In this Oct. 28, 2014 photo, a woman shops the shoe department at the new Century 21 department store in Philadelphia. The University of Michigan issues its monthly index of consumer sentiment for October on Friday, Oct. 31, 2014. (AP Photo/Matt Rourke)
October 31, 2014 - 7:38 AM
WASHINGTON - U.S. consumers expect better economic growth and rising incomes in the coming months, pushing a measure of confidence to a seven-year high in October.
The University of Michigan says that its index of consumer sentiment rose to 86.9 from 84.6 in September. That's the highest since July 2007, five months before the Great Recession began. Still, the index regularly topped 90 before the downturn.
Richard Curtin, the survey's chief economist, says that almost six in ten of the respondents said the economy has improved recently, the highest proportion in more than 10 years.
The measure is the second this week to show consumer confidence has reached the highest level since the recession. Greater confidence and more hiring could lead to faster spending and healthier economic growth.
News from © The Associated Press, 2014