Consumer sentiment rose to 69.3 in the first of two readings for November by the University of Michigan, up from a final October level of 67.7, market sources said.

Economists predicted a 69.0 reading for the index.

The November expectations index rose to 62.7 from 61.9 in October. The current conditions index rose to 79.9 from 76.6. Economists polled by Thomson Reuters had predicted readings of 63.5 for expectations and 77.0 for current conditions.

“The consumer psyche is feeling blue about current and future finances due to an anemic recovery,” Chris Christopher, an economist at IHS Global Insight, said in a research note.

“On the other hand, consumers feel that economic conditions are improving substantially for businesses since the stock market is doing well and firms are reported to be awash in cash,” he added.

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