Consumer Sentiment Highest in Five Months

Ann Arbor, MI, Dec. 23, 2013 -- Consumer sentiment rose to its highest level in five months in December, according to the final reading on the Thomson Reuters/University of Michigan index for the month.

The reading jumped to 82.5 for December, up from 75.1 in November but unchanged from the preliminary reading earlier this month.

Economists were expecting a reading of 83.

"Most of the gain was due to more favorable buying plans due to renewed discounting as well as more favorable short-term prospects for the economy," survey director Richard Curtin said in a press release.

"Personal finances, the most critical factor that shapes consumer spending, did improve in late December, although largely due to rising incomes and wealth among those in the top third."

The survey's measure of consumer expectations rose from 66.8 in November to 72.1.