Bloomberg: Consumer Sentiment Strongest Since January 2008

Consumer sentiment improved last week as Americans were more optimistic about the economy than at any time in almost seven years. The Bloomberg Consumer Comfort Index climbed to 37.7 in the period ended October 19, matching the second-highest level since August 2013, from 36.2. According to Bloomberg, a gauge of attitudes about the world's largest economy was the strongest since January 2008.

Better job prospects and the cheapest gasoline prices since early 2011 are combining to undergird households' spirits at the same time the stock market shows signs of stabilizing.

The Bloomberg measure about the state of the economy advanced for a third straight week, rising to 28 from 25.7. The gauge of personal finances increased to 52.4 from 50 a week earlier, while the buying-climate measure, which asks whether this is a good time to make purchases, was little changed at 32.7 compared with 33 the prior period.

Today's report showed confidence among those earning less than $50,000 increased by the most since November. Sentiment fell among those earning more than $100,000 after rising for five weeks to the highest since April.

Among regions, Americans living in the Northeast were the most upbeat since August 2007. The gauge of sentiment in the Midwest also climbed to a pre-recession high.