Consumer confidence in the economy surged this month from its depressed levels in October, according to a report released Friday by the University of Michigan.
The university’s index of consumer sentiment rose to 85 in early November from 80.6 in October, according to people who had seen the report and relayed the results to The Associated Press.
The mid-November current-conditions index was also said to have risen to 93.8 from 92.4 in October, the AP reports.
The consumer-expectations index was said to have increased to 79.2 from October’s 73.1 reading, the AP reports.
The University of Michigan report is released only to subscribers.
Consumer spending accounts for two-thirds of all economic activity in the country. Measurements of consumer confidence, like the one by the University of Michigan and a broader one by the Conference Board, are widely watched, but economists caution that the attitudes reported may not be good indicators of actual spending, the AP reports.