Daily News 10/31/14

October 31, 2014

Friday – October 31

Consumers across the nation finished October feeling the best they have in seven years as the prospects for economic expectations rose to the best level in seven years. The final reading on October Consumer Sentiment rose to 86.9, the highest reading since July 2007 and up from the 84.6 recorded in September. The survey’s chief economist, Richard Curtin, said that six in ten respondents said the economy has improved lately, the highest proportion in more than ten years.

The Commerce Department reported today that Personal Spending in September declined by 0.2% after a big shopping spree in August, which was mostly likely fueled by back-to-school spending. The decline was led by falling energy prices and an ease in auto sales. The spending index, which makes up 70% of economic activity, has only declined three times since the recession ended in 2009.

An unexpected move by the Bank of Japan (BOJ) was announced today as it increased the size of its stimulus program, sent global Stock markets higher, which has caused the major Stock indexes here in the States to hit all-time high intraday records. The BOJ announced the measures to to dwindling inflation along with weak economic data. The U.S. Dow Jones Industrial Average hit a record high of 17,395 today, which is up from 6,547 seen on March 9, 2009 at the height of the recession.