ANN ARBOR, MI (WTVB) - There is positive news today from the University of Michigan on how people are feeling about themselves and the economy. Consumer sentiment is running at its highest level in five years.
The Thomson Reuters/University of Michigan preliminary index for October jumped nearly five percent surprising many economists. Analysts say rising stock prices and falling unemployment may be giving Americans a psychological boost ahead of the holiday season. A separate Labor Department report showed producer prices rose more than expected in September due to a surge in gas prices. However, the consumer sentiment survey showed the long-term inflation outlook fell to its lowest level since March of 2009.