The recently released Thomson Reuters/University of Michigan Surveys of Consumers shows its index of consumer sentiment remains at a five-year high at 82.7. It is relatively unchanged from the October level of 82.6 and much higher on a year-over-year basis versus the November 2011 reading of 63.7.

Anticipated gains in the economy meant that consumers held much more favorable job expectations, the report stated. The survey recorded the most favorable outlook for the unemployment rate since 1984. Nearly one-in-three consumers expected a lower unemployment rate during the year ahead in both the October 2012 and November 2012 surveys.