BY LUCIA MUTIKANI
U.S. consumer sentiment rebounded strongly in early October, suggesting that the economic recovery remained on track despite headwinds from a strong dollar and weak global demand that have weighed on the industrial sector, particularly manufacturing.
The snapback in sentiment reported on Friday underscored robust domestic demand and offered hope that consumer spending would remain solid enough to support economic growth, which has slowed significantly in recent months.
The University of Michigan said its consumer sentiment index rose to 92.1 in early October from a reading of 87.2 September. The survey’s current conditions sub-index shot up to 106.7 this month from 101.2 in September.
The index at current levels has historically been consistent with roughly a 4 percent annualized rate of consumer spending growth, according to economists.
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