Photo: Getty Images/Brian Bahr
UPDATE: Consumer confidence rose to 83.1 according to the latest University of Michigan survey.Click here for live updates >
That’s well above expectations of a 78.0 reading.
It’s also a significant rise from last month’s reading of 78.3.
Zero Hedge tweets that it’s been a long time since the numbers came in this far above expectations:
Consumer Confidence biggest beat since December 2005
— zerohedge (@zerohedge) October 12, 2012
And it’s the highest consumer confidence reading since September 2007:
Photo: Bloomberg, Business Insider
A survey of economists polled by Bloomberg revealed consensus expectations of a 78.0 reading on the index, down slightly from 78.3 last month.