REFILE-U.S. Nov consumer sentiment hits highest since June

Wed Nov 24, 2010 10:25am EST

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(Corrects day of week in first paragraph)

NEW YORK Nov 24 (Reuters) - U.S. consumer sentiment rose to its highest level since June on tentative signs of improved job conditions and early discounts from retailers, a survey showed on Wednesday.

The Thomson Reuters/University of Michigan's final November reading on the overall index on consumer sentiment was 71.6, up from 67.7 in October and also above November's preliminary reading of 69.3.

The median forecast among economists polled by Reuters was for a reading of 69.5. November's reading was the highest since June's level of 76.0.

"The economic news heard by consumers grew significantly more favorable in November. Net references to job gains improved by 17 percentage points in November, rising to its highest level since June," the survey's director Richard Curtin said in a statement.

The survey's barometer of current economic conditions was 82.1 in November, up from 76.6 in October and above the preliminary reading of 79.7. Expectations were for a reading of 79.9.

The survey's gauge of consumer expectations also rose and ended November at 64.8, compared with 61.9 in October and 62.7 in early November. Expectations were for a reading of 63.0.

These were also the highest readings since June.

The survey's one-year inflation expectations measure also rose, hitting 3.0 percent, its highest since May. It ended October at 2.7 percent. (Reporting by Caroline Valetkevitch, Editing by Chizu Nomiyama)

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