MW: Consumer sentiment edges higher: U. of Michigan index
By Laura Mandaro, MarketWatch
SAN FRANCISCO (MarketWatch) -- An index of consumer sentiment improved from an initial reading earlier in November but still dropped from the prior month, the University of Michigan and Reuters said Wednesday.
Their consumer sentiment index rose to 67.4 from an early November reading of 66, according to media reports. The most recent survey topped economists' expectations of 67.
But the final survey shows a drop from October's reading of 70.6, the second straight monthly decline.
"Consumers expect rising unemployment and stagnant incomes in the year ahead, forces that will restrain spending and reinforce the trend towards value shopping," said economists at IHS Global Insight ahead of the report.
Stocks bounced higher after the midmorning report, one of several economic releases out Wednesday. The S&P 500 (SPX 1,108, +2.22, +0.20%) was recently up 2 points at 1,108, while the Dow Jones Industrial Average (INDU 10,447, +13.23, +0.13%) gained 14 points to 10,448.
