Consumer-sentiment index rises in October (by Ruth Mantell)

WASHINGTON (MarketWatch) -- A gauge of consumer sentiment jumped higher in early October, pushing past Wall Street's expectations, according to reports on the University of Michigan-Thomson Reuters consumer-sentiment gauge released Friday. The UMich sentiment gauge rose to 83.1 in a preliminary October reading from a final September reading of 78.3. Economists polled by MarketWatch had expected little change, anticipating the index to decline to 78 in early October. The sentiment gauge, which covers how consumers view their personal finances as well as business and buying conditions, averaged about 87 in the year before the most recent recession. Economists watch sentiment data to get a feel for the direction of consumer spending.