AlQa'dah 26, 1433, Oct 12, 2012, SPA -- U.S. consumer sentiment rose unexpectedly in October to its highest level in five years as optimism about the overall economy improved, the University of Michigan reported Friday. The university's preliminary October reading rose to 83.1 from 78.3 the previous month, marking the highest level for the overall consumer-sentiment index since September 2007. The reading was well above analyst expectations. The survey's measure of current economic conditions rose to 88.6 in October from 85.7 the previous month. The gauge of consumer expectations jumped to 79.5 this month from 73.5 in September. Expectations reached their highest level since July 2007. “What changed was how [consumers] evaluated economic conditions," survey director Richard Curtin said in a statement. “Economic conditions during the year ahead were expected to be ‘good' by more consumers, and more consumers expected ‘good' economic times over the next five years."
