Consumer Sentiment Rises in January

Ann Arbor, MI, Jan. 13, 2012 -- The University of Michigan/Thomson Reuters consumer sentiment index reached 74 in the preliminary reading for January, the highest level since May.

The reading was up from 69.9 in December

Economists had expected a January reading of 73 on higher stock prices and improving jobs conditions.

The sentiment gauge averaged about 87 in the year before the start of the most recent recession. Economists watch sentiment data to get a feel for the direction of consumer spending.