US consumer sentiment jumps to highest in 5 years

NEW YORK (REUTERS) - US consumer sentiment unexpectedly rose this month to its highest level in five years as optimism about the overall economy improved.

The Thomson Reuters/University of Michigan's preliminary October reading on the overall index on consumer sentiment came in at 83.1, up from 78.3 the month before, marking the highest level since September 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."

The survey's barometer of current economic conditions rose to 88.6 from 85.7 and was above a forecast of 86.