Consumer Sentiment Highest Since Mid-2007: Reports

The preliminary November reading on the University of Michigan/Thomson Reuters consumer-sentiment index rose to 89.4-- the highest level since July 2007 -- from a final October reading of 86.9, according to reports on data released Friday. Economists polled by MarketWatch had expected a November reading of 88. For context, the consumer-sentiment gauge averaged 86.9 over the year leading up to the recession. Economists follow readings on confidence to look for clues about consumer spending, the backbone of the economy.