The University of Michigan's preliminary October consumer sentiment index reading was 83.1, compared to the final September 78.3, the preliminary September 79.2, and the final August 74.3, according to market sources.

The expectations index was 79.5, compared to 73.5 in September, 73.4 earlier in September, and 65.1 in August.

The current conditions index was 88.6, compared to 85.7 in September, 88.3 earlier in September, and 88.7 in August.

Economists polled by Thomson Reuters had predicted a 78.0 reading for the main index, 86.0 for current conditions and 74.0 for expectations.

The five-year inflation expectation index was 2.6%, compared to 2.8% in September and 3.0% in August, while the one-year inflation expectation index was 3.1%, compared to 3.3% in September and 3.6% in August.

The University of Michigan index is not released to the press, but only to paying subscribers.

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