The University of Michigan's index of consumer sentiment for November increased far more than expected in a preliminary reading, smashing economists' forecasts to hit 93.5, its highest level since May 2002. This was well above both the median projection of 91 and October's final reading of 89.6.
The survey's current conditions index rose to 102.8 from 99.9 and the expectations index, which tracks perceptions about the economy over the next 12 months, jumped to 87.6 from 83.
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