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U.S. consumer sentiment rose in October to the highest in more than seven years, boosted by views on personal finances and the national economy, a survey released on Friday showed.
The Thomson Reuters/University of Michigan preliminary October reading on the overall index on consumer sentiment came in at 86.4, the highest since July 2007. The gains were unexpected, as a Reuters survey showed a forecast for a slip to 84.1 from last month's 84.6 reading.
"The data show absolutely no signs that fear and panic is about to overtake the consumer sector, " survey director Richard Curtin said in a statement, referring to "broader concerns about the global economic meltdown, escalating military conflicts, and rising concerns about Ebola. "
The survey's gauge of consumer expectations also rose to hit 78.4, the highest since October 2012, from 75.4 and beating a forecast for 74.4.
The survey's barometer of current economic conditions was unchanged at 98.9 and also beat its forecast of 98.0.
The survey's one-year inflation expectation fell to 2.8 percent from 3.0 percent, while the survey's five-to-10-year inflation outlook held steady at 2.8 percent.