The Reuter's/University of Michigan consumer sentiment index did not just post a gain. The gain was a surge, as September's sentiment reading managed to pop all the way up to 79.2.

Dow Jones was calling for only a reading of 74.0; Bloomberg had estimates of only 73.5. To show just how much higher this figure was, Bloomberg's range of all of the economists polled was only 73.0 to 75.0. This was more than five full points above the average and more than four points above the best estimate out there.

Keep in mind that the Reuter's/University of Michigan consumer sentiment index for the final August reading rose 0.7 points from mid-month to close August at 74.3. This also came in at a cycle high of 79.3 back in May of this year.

JON C. OGG

Filed under: 24/7 Wall St. Wire, Economy